Greece Among Few Countries To Raise Taxes Over Last Decade

According to new data published by the Organization for Economic Cooperation and Development (OECD) on Tuesday, Greece was among the nine countries out of all 36 Organization members to raise business taxes during the last decade.

The nominal tax rate for businesses in Greece in 2008 was 25 percent, one of the lowest rates in the European Union at that time. Business taxes rose four percent over the last ten years, reaching 29 percent in 2019.

Both the ruling left-wing SYRIZA party and the opposition center-right New Democracy party have pledged to reduce business tax rates over the upcoming years, since they are some of the highest in Europe.

The highest tax rate for businesses in the OECD nations is 34.3 percent, in France, with Germany imposing a rate similar to that of Greece.

Hungary has the lowest in the OECD, at only 9 percent, after its government implemented a program of tax reform over the previous several years.

The Organization for Economic Co-operation and Development was founded in 1961 to stimulate economic progress and world trade, with its members describing themselves as committed to democracy and the market economy.