BRUSSELS – In Bulgaria, taxes and internet social contributions, expressed as a proportion of gross home product (GDP), amounted to 29.9 p.c in 2023, reported the European statistical service Eurostat. In 2022, they represented 31.1 p.c of Bulgarian GDP.
Amongst EU international locations final 12 months, Bulgaria ranked fourth within the lowest share of taxes and social contributions from the nation’s financial output.
Within the EU, the general ratio of taxes and internet social contributions amounted to 40 p.c of GDP in 2023. It is a decline in comparison with 2022, when it was 40.7 p.c, in accordance with Eurostat information.
Within the eurozone, the ratio of tax income to GDP additionally fell to 40.6 p.c final 12 months in comparison with 41.4 p.c in 2022.
In nominal phrases, in 2023, revenues from taxes and social contributions elevated by 308 billion euros within the EU, in comparison with the earlier 12 months, reaching 6.88 trillion euros.
Tax funds, together with social taxes, introduced as a share of GDP diverse considerably amongst EU international locations in 2023. The biggest such ratio final 12 months was recorded in France – 45.6 p.c, Belgium – 44.8 p.c, and Denmark – 44.1 p.c. The smallest was in Eire – 22.7 p.c, Romania – 27 p.c, and Malta – 27.1 p.c.
In 2023, in comparison with 2022, the tax/GDP ratio elevated in 11 EU international locations, with the biggest improve noticed in Cyprus – from 35.9 p.c in 2022 to 38.8 p.c in 2023, and Luxembourg – from 40.2 p.c to 32.8 p.c. A lower was famous in 12 international locations, with the biggest decline in Greece – from 42.8 p.c in 2022 to 40.7 p.c in 2023, and France – from 47.6 p.c in 2022 to 45.6 p.c in 2023.
In October, Eurostat reported that Bulgaria had the bottom degree of presidency debt to GDP ratio within the European Union within the second quarter of the 12 months – 22.1%. The federal government debt-to-GDP ratio is a part of the necessities for becoming a member of the eurozone and should not exceed 60 p.c. Bulgaria has just one requirement left earlier than the introduction of the European forex – guaranteeing secure costs. (October 31)
