- OECD report highlights growing reliance on indirect taxes in Asia-Pacific
- Indirect taxes, especially VAT or GST, dominate the fiscal landscape
- In 2023, taxes on goods and services made up 50.2% of total tax revenue
- VAT is the largest contributor, accounting for 25.8% of tax revenues in 2023
- VAT’s role is significant in smaller economies like the Cook Islands and Niue
- VAT Revenue Ratio shows disparities in VAT collection efficiency
- Timor-Leste has the lowest VAT Revenue Ratio, New Zealand the highest
- Tax-to-GDP ratios increased for most countries, but growth slowed in 2023
- VAT is crucial for fiscal policy, with varying efficiency and impact across countries
- Strengthening VAT systems and compliance is a priority for post-pandemic recovery
Source: vatcalc.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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