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Tax revenues rebounded as economies recovered from the COVID-19 pandemic

30/11/2022-OECD.ORG/TAX-PARIS, Tax revenues increased by 12.8% 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.

More info: https://www.oecd.org/tax/tax-revenues-rebounded-as-economies-recovered-from-the-covid-19-pandemic-according-to-new-oecd-data.htm

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