Belgium is third most taxed country in Europe, OECD study shows
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Belgium is third most taxed country in Europe, OECD study shows

Credit: Belga

Belgium is the third-most taxed country in Europe, a new study by the OECD based on figures from 2019 shows.

The Organisation for Economic Cooperation and Development measures the sum of taxes and social contributions in relations to countries’ Gross Domestic Product (GDP).

That leaves Belgium at 42.9%. While it is a drop compared to 2018 (43.9%), Only France (45.5%) and Denmark (46.3%) tax their population more. These countries incur far more taxes than the OECD average, which stands at 33.8%.

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The vast majority of money in Belgium goes to social contributions (30%), followed by tax on income, profit and capital gains (27%) and value added tax (15%).

The OECD expects a much larger drop in 2020 due to the coronavirus crisis, as it weighs on economic activity and consumption related taxes.

The organisation also predicted a 7.5% drop in GDP in the Euro area as a whole, while it is projected to grow in 2021 and 2022.

Jason Spinks
The Brussels Times