- Value-added taxes increased tax revenue in Asia and Pacific countries
- OECD report indicates taxes on goods and services were half of total revenue in 2023
- VAT was the largest contributor, making up 25.8% of total tax revenue
- This percentage is higher than the OECD average of around 20% in 2022
- Personal income taxes accounted for 16.5% of total tax revenue on average in the region
Source: news.bloombergtax.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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