Wednesday, February 1, 2023
  • Contact Us
The Caribbean Post
Advertisement
  • Current News
    • Politics
    • Business
  • Tech News
  • Education
  • Entertainment
    • Travel
    • Lifestyle
  • Health
    • Recipes
  • World
    • Antigua
    • Aruba
    • Barbados
    • Barbuda
    • Dominica
    • Dominican Republic
    • Guadeloupe
    • Guyana
    • Haiti
    • Jamaica
    • St Lucia
    • Suriname
    • Tobago
    • Trinidad
No Result
View All Result
The Caribbean Post
  • Current News
    • Politics
    • Business
  • Tech News
  • Education
  • Entertainment
    • Travel
    • Lifestyle
  • Health
    • Recipes
  • World
    • Antigua
    • Aruba
    • Barbados
    • Barbuda
    • Dominica
    • Dominican Republic
    • Guadeloupe
    • Guyana
    • Haiti
    • Jamaica
    • St Lucia
    • Suriname
    • Tobago
    • Trinidad
No Result
View All Result
The Caribbean Post
No Result
View All Result
Home Business

Tax revenues rebounded as economies recovered from the COVID-19 pandemic, according to new OECD data

Staff by Staff
December 2, 2022
in Business
0
2
SHARES
12
VIEWS
Share on FacebookShare on Twitter

PARIS, France – Tax revenues bounced back in 2021 as OECD economies recovered from the initial impact of the COVID-19 pandemic, according to new OECD data released today.

You might also like

Guyana outlines opportunities in construction sector to Jamaican trade mission

Jamaica’s multibillion-dollar shipyard project launched

CARICOM must exploit natural gas resources for energy security, says President Ali

Revenue Statistics 2022, which presents tax revenue data for the second year of the COVID-19 pandemic, shows that the OECD average tax-to-GDP ratio rose by 0.6 percentage points (p.p.) in 2021, to 34.1 percent, the second-strongest year-on-year increase since 1990. The report also shows that tax-to-GDP ratios increased in 24 of the 36 OECD countries for which 2021 data on tax revenues was available, declined in 11 and remained unchanged in one.

Tax revenues increased by 12.8 percent in nominal terms on average across the OECD between 2020 and 2021 as economies rebounded from the pandemic, exceeding nominal post-pandemic GDP growth (10.5%).

Corporate income tax (CIT) and value-added tax (VAT) drove the recovery in tax revenues in 2021. CIT revenues increased by 0.5 p.p. of GDP, while VAT revenues rose by 0.4 p.p. of GDP. Revenues from personal income tax (PIT) remained unchanged as a share of GDP in 2021, while social security contributions declined by 0.2 p.p.

Tax policy in 2021 was geared towards promoting a recovery in consumption and investment. CIT measures implemented in 2021 aimed to stimulate investment and innovation, especially in the green economy, while changes to labour taxation were primarily intended to boost economic growth and promote equity. Many of the emergency tax measures introduced in 2020 to support households and businesses during the pandemic were withdrawn in 2021, as economies rebounded and employment recovered to pre-pandemic levels in most countries.

“The recovery in tax revenues in 2021 reflects the strength of OECD economies as they bounced back from the pandemic,” said Grace Perez-Navarro, Director of the OECD Centre for Tax Policy and Administration. “There is, however, concern that this rebound may prove to be short-lived, in the face of mounting global economic headwinds, driven by rising energy costs and inflation.”

This year’s edition of Revenue Statistics contains a special feature that examines changes in revenues from different tax types in 2020 and 2021, in light of changing economic conditions and evolving policy measures during the first two years of the pandemic.

It shows that the rise in CIT revenues in 2021 contrasts with 2020, when this tax recorded the largest decline of any major tax type. While PIT revenues and social security contributions did not increase in 2021, these two taxes underpinned the resilience of tax revenues in the OECD in 2020.

The rise in revenues from VAT in 2021 comes after VAT revenues remained unchanged in 2020. Excise taxes declined slightly in 2020 and 2021, and property taxes remained unchanged as a share of GDP in both years.

Most OECD countries reduced specific VAT rates in 2020 to facilitate healthcare responses and to support businesses and households during the pandemic. Most of these reductions were withdrawn in 2021, except for those related to medical supplies used to respond to the pandemic.

Consumption Tax Trends 2022, also released today, highlights that as e-commerce continues to grow, most OECD countries have implemented reforms to ensure that VAT is collected effectively on online sales, in line with OECD standards, ensuring a level playing field between bricks-and-mortar businesses and online merchants.

The report, which presents cross-country detailed comparative data on consumption tax rates, tax bases and design trends in OECD member countries, shows that 26 countries have introduced new solutions developed by the OECD to collect VAT on e-commerce sales of goods imported from abroad. These complement measures to collect VAT on online services – such as applications and video-streaming – which have now been adopted by almost all OECD countries that have a VAT.

Thirty-one out of 37 OECD countries with a VAT have now implemented digital reporting requirements, often requiring the electronic transmission of detailed transactional information in real time or periodically, to enhance VAT compliance.

Credit: Source link

Tags: COVID19dataeconomiesOECDPandemicreboundedrecoveredrevenuestax
Previous Post

Barbados’ polymer banknotes to circulate starting December 5

Next Post

Youths with disabilities meet to find solutions to challenges they face – News Room Guyana

Staff

Staff

Related Posts

Business

Guyana outlines opportunities in construction sector to Jamaican trade mission

by Staff
January 26, 2023
Business

Jamaica’s multibillion-dollar shipyard project launched

by Staff
January 25, 2023
Business

CARICOM must exploit natural gas resources for energy security, says President Ali

by Staff
January 24, 2023
Business

St Kitts – Nevis to continue advancing economy

by Staff
January 24, 2023
Business

Nokia – Samsung sign 5G patent license agreement

by Staff
January 23, 2023
Next Post

Youths with disabilities meet to find solutions to challenges they face – News Room Guyana

Recommended

Mango Chutney – Immaculate Bites

November 3, 2022

Guyana President invites Black panther actress Letitia Michelle Wright to visit homeland

November 16, 2022

Categories

  • Business (464)
  • Current News (259)
  • Education (26)
  • Entertainment (75)
    • Lifestyle (22)
    • Travel (14)
  • Health (249)
    • Recipes (179)
  • Politics (31)
  • Tech News (64)
  • World (3,445)
    • Antigua (28)
    • Aruba (30)
    • Barbados (28)
    • Barbuda (28)
    • Dominica (29)
    • Dominican Republic (29)
    • Guadeloupe (530)
    • Guyana (872)
    • Haiti (28)
    • Jamaica (28)
    • St Lucia (27)
    • Suriname (28)
    • Tobago (877)
    • Trinidad (882)

Don't miss it

Guadeloupe

New year, New Caribbean 600 (sort of) >> Scuttlebutt Sailing News

January 31, 2023
Guyana

Five Guyanese attend world’s largest agri-food expo – News Room Guyana

January 31, 2023
Trinidad

US Waiver Improves Trinidad’s Export Outlook

January 31, 2023
Tobago

Tobago man fined $5,000 for 41 grammes of cocaine

January 31, 2023
Trinidad

This Airline Added More Flights for the Trinidad Carnival from Jamaica, U.S., Canada and Barbados

January 31, 2023
Guyana

Guyana Signs Intelligent Process Automation Contract, Choosing Decisions to Transform Building Permit Applications

January 31, 2023
The Caribbean Post

This is an online news portal that aims to share latest news about Africa, Caribbean and other countries of Africa with respect to business, entertainment, breaking updates and stuff like that. Feel free to get in touch!

Categories

  • Business
  • Current News
  • Education
  • Entertainment
    • Lifestyle
    • Travel
  • Health
    • Recipes
  • Politics
  • Tech News
  • World
    • Antigua
    • Aruba
    • Barbados
    • Barbuda
    • Dominica
    • Dominican Republic
    • Guadeloupe
    • Guyana
    • Haiti
    • Jamaica
    • St Lucia
    • Suriname
    • Tobago
    • Trinidad

Browse by Tag

announces Barbados Bites Business Caribbean Caribe COVID COVID19 Cup Death Dominica energy food France French gas global Government Guadeloupe Guyana Guyanas Guyanese Health Immaculate Jamaica Local man Minister National News oil Online police President Room Route Silicon team Tobago Tobagos trade Trinidad weather World year

Recent News

New year, New Caribbean 600 (sort of) >> Scuttlebutt Sailing News

January 31, 2023

Five Guyanese attend world’s largest agri-food expo – News Room Guyana

January 31, 2023

US Waiver Improves Trinidad’s Export Outlook

January 31, 2023

Tobago man fined $5,000 for 41 grammes of cocaine

January 31, 2023

2022© Design by CodingBite | Powered by LuxamaMedia.

No Result
View All Result
  • Current News
    • Politics
    • Business
  • Tech News
  • Education
  • Entertainment
    • Travel
    • Lifestyle
  • Health
    • Recipes
  • World
    • Antigua
    • Aruba
    • Barbados
    • Barbuda
    • Dominica
    • Dominican Republic
    • Guadeloupe
    • Guyana
    • Haiti
    • Jamaica
    • St Lucia
    • Suriname
    • Tobago
    • Trinidad

2022© Design by CodingBite | Powered by LuxamaMedia.