The total ratio of taxes and social contributions to GDP in the European Union in 2023 was 40%, down from 40.7% in the previous year, according to the EU Statistical Office.
In the euro area, this figure also decreased to 40.6% last year, compared to 41.4% in 2022.
In absolute terms, in 2023, revenues from taxes and social contributions in the EU increased by €308 billion to €6.883 trillion.
The tax-to-GDP ratio varies significantly by country, with the highest shares recorded in France (45.6%), Belgium (44.8%), and Denmark (44.1%). The lowest rates are in Ireland (22.7%), Romania (27.0%), and Malta (27.1%).
Last year, 11 EU countries saw an increase in the indicator, with the most significant growth in Cyprus (to 38.8% from 35.9% in 2022) and Luxembourg (to 42.8% from 40.2%). In 12 countries, a decrease was recorded, the most significant in Greece (to 40.7% from 42.8%) and France (to 45.6% from 47.6%).
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The price of Bitcoin (BTC) remained unchanged due to the event and surpassed the $68,000 mark for the first time since late July.
Italian Deputy Finance Minister Maurizio LEO said the government will raise taxes on capital gains in cryptocurrencies such as Bitcoin from 26% to 42%, Reuters and Bloomberg reported.
According to Bloomberg, the Italian cabinet made the decision because “this phenomenon is spreading,” the LEO said of Bitcoin during a conference call on Wednesday.
The move comes in the wake of Italy’s decision to strengthen its tax on digital services as part of plans to boost revenue in its 2025 budget.
The price of Bitcoin (BTC) was unchanged, posting a weekly gain of more than 12%, surpassing the $68,000 mark for the first time since late July.
In January-June 2024, Varus supermarket chain paid UAH 700 million in taxes and fees to the state budget, the retailer’s press service reports.
“Every hryvnia of taxes paid to the state budget is another brick in building a strong economy of Ukraine. We are grateful to all the customers of Varus supermarkets, thanks to whom we continue to work and contribute to the support of our country,” comments Marina Panina, CFO of Varus.
In the first three quarters of 2024, Varus opened new stores in Pokrov, Zaporizhzhia, two in Odesa and renovated the store in Kryvyi Rih.
The release notes that the expansion of the network and the opening of new stores allows Varus to create and provide jobs for Ukrainians in different regions. The company pays special attention to internally displaced persons. First of all, the company helped evacuate and provided new jobs to its employees from the regions where active hostilities are ongoing. The IDPs are employed in all cities where the chain has stores. In the city of Dnipro alone, more than 500 IDPs have been employed in the chain’s stores.
In 2023, Varus paid UAH 1.1 billion in taxes and fees to the state budget.
In January-August 2024, Naftogaz Group paid UAH 56.5 billion in taxes to the state budget of Ukraine and another UAH 4.3 billion to local budgets, the company reported on its website on Monday.
According to the company, this is more than 7% of all payments controlled by the State Tax Service of Ukraine.
In particular, in August, UAH 7.2 billion was paid to the state budget and UAH 0.6 billion to local budgets.
“The economic stability of the state during the war is a matter of national security. The Naftogaz Group remains a reliable pillar of the Ukrainian economy in wartime,” said Oleksiy Chernyshov, Chairman of the Board of Naftogaz of Ukraine.
As reported, in 2023, Naftogaz Group companies paid UAH 90.2 billion in taxes, UAH 83.4 billion of which went to the state budget and UAH 6.8 billion to local budgets.
Philip Morris International (PMI) in January-June 2024 increased tax deductions to budgets of different levels by 33.5%, or UAH 6 billion, compared to the same period of 2023 – up to UAH 23.9 billion, the company said in a press release on Wednesday.
“Important factors for the increase in tax deductions were the recovery of the company’s share in the Ukrainian market, as well as the launch of a new factory, in which the company invested $30 million,” PMI Ukraine CFO Sergiy Kalnoochenko is quoted in the release.
It is specified that excise tax accounted for UAH 12 bln, VAT – UAH 3.2 bln.
Last year PMI reported on payment of 30.3 billion UAH of taxes in Ukraine.
Kralnoochenko added that the growth of tax payments was also facilitated by the increase in the legal tobacco market, which became possible due to the active struggle of state authorities with illegal producers.
According to him, Philip Morris will continue to invest in the development of its own business, as a result of which in August 2024 it plans to pay to the budget more than 3.5 billion hryvnias of excise tax alone as part of direct production at the newly opened factory in Lviv region and its own imports, as well as under a local contract for contract manufacturing.
Philip Morris was spun off from Altria in 2008 and is among the world’s largest tobacco manufacturers, declaring the goal of full transition to smokeless products in the future.
PMI has been operating in the Ukrainian market since 1994, and during this time its declared investments have exceeded $750 million. The company has suspended operations at its factory in Kharkiv region since February 24, 2022 due to Russian aggression and was forced to switch to importing products from eight PMI factories outside the country and a temporary partnership with another international manufacturer in Ukraine. In May this year, the company officially launched a new factory in Lviv region with an announced investment of $30 million.
PMI cut shipments in the Ukrainian market by 30.1% to 11.07 billion cigarettes and tobacco sticks in 2022 due to the war, but it managed to increase finished goods shipments by 8.4% in 2023, including a 14.9% increase in the fourth quarter. Last October, the company said its share of the Ukrainian market had recovered to 24% after dropping to 14% from 28.5% in the first months after the Russian Federation invasion.
ATB Group of companies paid UAH 13.26 billion in taxes and fees for the first half of 2024, which is 10%, or UAH 1.25 billion, more than in the same period in 2023, the company’s press service reports.
Of this amount, UAH 8.68 billion was transferred to the state budget, local budgets received UAH 3 billion, and UAH 1.58 billion was allocated to trust funds.
The leader in terms of tax payments is the corporation’s flagship company, ATB-Market LLC, which operates a retail network. Since the beginning of 2024, ATB-Market has paid taxes and duties totaling UAH 10.22 billion, including UAH 6.52 billion to the state budget, UAH 2.48 billion to local budgets, and UAH 1.22 billion to trust funds.
In 2023, ATB-Market paid taxes and fees totaling UAH 19.45 billion (in 2022 – UAH 15.63 billion). At the same time, the chain’s turnover amounted to UAH 176.9 billion, which is 2% lower than in 2021 (UAH 179.8 billion).
According to the press service, ATB has been among the ten largest taxpayers in Ukraine for many years.
ATB Corporation is an association of large Ukrainian enterprises operating in such business areas as retail, asset management, food production and sales, and sports and recreation services. Its companies employ more than 70 thousand people.
In 2023, ATB paid UAH 25.06 billion in taxes and fees. Despite the negative factors caused by the war, this figure is UAH 4.62 billion higher than the financial results of 2022 (UAH 20.44 billion).
As of July 15, 2024, the corporation’s retail network includes 1228 stores, compared to 1316 stores in January 2022.
