Residents of Greece work 175 out of 365 days a year to pay taxes and contributions

Image created by AI

In 2024 Greek tax residents must work 175 days only to pay taxes and contributions to the state, and Tax Freedom Day is celebrated today, June 25.

This year marks the tenth year in a row that the Center for Liberal Studies has presented a study dedicated to Tax Freedom Day in Greece – a day when Greek taxpayers would be relieved of the burden of taxes if the money they earn through their labor was used to pay off obligations to the state before they could satisfy their own needs. Key findings from this year's study:

• June 25 is Tax Freedom Day in 2024, according to government forecasts for tax and social security revenues. This year we will work for the state 175 out of 365 days a year, which is 3 days less than in 2023.
• The 175 days of government work projected for 2024 is the lowest tax burden in 10 years.
• Since 2019, according to forecasts for 2024, the tax burden has decreased by 6 days, from 181 to 175 days.
• If we factor in the government's deficit for 2024, which represents future taxes, then Tax Freedom Day 2024 will be 5 days later, on June 30th.
• According to accounting data ELSTATin 2023 we worked for the government 178 days (HFS: June 28), and if we take into account the General Government deficit, then Tax Freedom Day in 2023 will come 7 days later, on July 5.
• Among 27 member countries EU Greece ranks 11th in terms of tax burden (including deficit), up 10 places from 21st in 2022.
• How our taxes pay off: According to OECD data, Greek citizens' satisfaction with the healthcare system (2023) is the lowest among the 21 EU member states for which data is available, while the country ranks 16th and 17th respectively in satisfaction citizens by the education system and the judicial system.

Commenting on this year's results, Director General of the Center for Liberal Studies Nikos Rompapas said:

“The reduction in the tax burden recorded in recent years on Tax Freedom Day is a positive development, primarily for citizens and households facing a wave of inefficiency. This tax cut, which is also a key element of the proposals put forward by experts as part of the assessment of our country's economic freedom, should improve Greece's position in the index of economic freedom and contribute to further growth in new investment, employment and prosperity.

In any case, the reduction of the tax burden, as well as further adjustment of the tax system towards greater simplicity, neutrality and stability, must continue. A tolerant, simple, neutral and stable tax system is a necessary condition for the dynamic growth of the country, a real increase in incomes of the population and a sustainable increase in government revenues.”

Source link