UK is favourable tax climate, say OECD

Date: 16th October 2008

The UK's tax climate is one of the most competitive in the EU, according to statistics revealed yesterday (October 15th).

The Organisation for Economic Co-operation and Development's (OECD) annual revenue statistics publication shows that Great Britain's tax burden is lower than that of the 15 eurozone nations.

Currently at 36.6 per cent of the country's gross domestic product (GDP), the UK is ranked as a better tax climate than Denmark, Sweden, France, Italy and the Netherlands, among others.

A statement from the OECD read: "Tax-to-GDP ratios are a reflection of government choices in fiscal policy, which can play a redistributive role that evens out inequalities."

The Parisian think tank also discovered that the UK's highest personal income tax rates, labour taxes and VAT were below the European average.

In other news, the self-assessment tax return deadline for paper submissions is October 31st, while those planning to file online have until January 31st next year.