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Part I

Overall tax revenue

Box 1.4:

Capital tax base.

The ITR on capital is the ratio between taxes on capital and aggregate capital and savings income. Specifically it includes taxes
levied on the income earned from savings and investments by households and corporations and taxes, related to stocks of capital
stemming from savings and investment in previous periods. The denominator of the capital ITR is an approximation of worldwide capital and business income of residents for domestic tax purposes. It comprises of net operating surplus, interests, insurance
property income attributed to policy holders, rents on land and dividends for the sectors non-financial and financial corporations,
households, self-employed, non-profit organisations, general government and rest of the world (for detailed methodological
discussion see methodological annex).
The table below presents the evolution of the denominator of the ITR on capital in percentage of GDP for each Member State.
This ratio varies for most Member States between 20 % and 35 % of GDP. At the low end, Slovenia provides a low ratio of only
18.7 % while at the high end the ratio of capital base to GDP in Ireland and the Netherlands is above 40 %.
Table: Capital tax base to GDP, 1995-2010, in %
BE
BG
CZ
DK
DE
EE
IE
EL
ES
FR
IT
CY
LV
LT
LU
HU
MT
NL
AT
PL
PT
RO
SI
SK
FI
SE
UK
NO

1995
34.1
:
31.2
21.3
25.6
:
:
:
:
25.6
41.6
36.2
18.2
27.3
:
23.8
:
32.8
23.0
36.1
29.7
:
16.8
30.9
21.3
24.1
25.8
23.0

1996
33.1
:
30.4
20.4
25.7
:
:
:
:
25.2
42.2
36.2
20.7
31.0
:
25.4
:
33.7
23.7
34.0
28.6
:
16.8
29.3
21.1
21.7
27.3
24.8

1997
32.7
:
29.0
20.1
26.5
:
:
:
:
25.7
39.8
35.8
22.5
30.4
:
28.0
:
36.4
24.1
33.6
27.4
:
19.5
28.8
23.0
22.0
27.9
25.0

1998
32.5
:
31.6
17.8
26.6
:
:
:
:
26.4
37.8
38.1
19.1
28.5
:
27.7
:
35.5
24.8
34.1
26.6
:
19.6
28.4
24.0
20.9
27.6
21.1

1999
30.7
:
31.8
17.9
25.3
:
:
:
:
25.8
36.4
38.9
20.5
27.0
:
27.4
:
35.3
24.2
32.4
26.3
:
20.6
30.0
24.7
19.9
25.3
21.8

2000
32.3
:
31.5
20.0
24.7
31.8
:
:
29.4
26.1
36.9
40.6
25.4
32.4
:
24.8
:
37.7
25.2
34.9
24.8
:
19.1
30.2
27.2
19.6
24.5
30.1

2001
31.9
:
32.4
19.4
24.8
32.5
:
:
29.5
26.3
37.4
39.7
28.2
34.6
:
26.0
:
37.5
24.2
34.0
24.2
:
18.9
32.5
30.1
18.4
23.9
29.4

2002
30.5
:
31.2
20.0
25.1
32.4
50.2
:
29.2
25.2
35.7
37.3
31.3
34.9
:
27.6
:
31.9
25.0
34.6
23.5
:
20.3
31.5
27.0
17.8
24.3
27.3

2003
29.1
:
31.5
17.9
25.4
32.2
49.5
:
28.7
24.9
35.0
32.0
30.4
36.1
:
26.2
:
32.6
25.1
35.7
23.3
:
21.2
30.8
25.3
18.3
26.5
28.9

2004
29.7
:
31.3
17.8
27.2
31.5
47.8
:
28.3
24.9
35.0
32.2
31.4
36.5
:
27.0
:
34.0
26.3
39.3
23.8
:
21.0
34.0
26.2
22.0
26.5
31.7

2005
30.3
:
32.3
20.1
28.8
31.8
45.4
44.0
27.7
24.7
33.8
33.3
28.5
36.6
:
27.0
:
40.6
27.8
38.7
22.2
:
21.1
33.3
25.7
21.3
26.8
36.0

2006
30.8
:
33.3
20.0
31.0
30.3
46.7
44.3
26.7
25.0
32.9
33.5
27.4
34.7
:
29.8
:
41.8
28.1
38.4
21.9
:
22.5
36.1
28.8
26.0
27.1
36.7

2007
31.7
:
33.7
17.2
31.8
29.6
48.7
42.6
26.0
25.8
32.8
34.2
27.1
34.0
:
28.4
:
45.9
28.4
38.7
23.1
:
23.0
37.5
29.4
22.8
26.6
34.1

2008
30.8
:
32.8
16.5
30.9
25.1
43.4
41.0
26.1
25.9
31.7
37.7
23.5
31.6
:
27.0
:
42.0
27.7
37.4
21.2
:
21.3
37.9
25.9
23.2
28.1
34.8

2009
29.6
:
31.5
14.7
27.1
18.5
40.9
40.5
27.6
23.5
29.0
32.1
25.6
29.5
:
23.9
:
36.9
25.3
40.0
21.4
:
19.5
34.9
20.4
18.5
27.0
28.3

O
v
e
r
a
l
l
t
a
x

2010
30.8
:
31.1
:
28.4
23.7
46.5
39.7
:
23.6
29.2
30.7
29.4
33.6
:
27.0
:
43.5
26.7
39.4
22.5
:
18.7
36.4
22.9
19.1
:
30.1

r
e
v
e
n
u
e

Source: Eurostat (nasa_nf_tr), own calculations

Large differences in taxation of capital


stocks/wealth
The absolute levels of the ITRs on capital differ widely
within the EU, ranging from 37.2 % in France (39 % in
Denmark based on 2009 data) to a mere 9.1 % in
Estonia (see Graph 1.18). A breakdown of the ITR on
capital shows that in most cases, the ITRs on capital
and business income cluster around 20 % so the
variation in the tax burden on capital derives largely
from wide differences in the taxation of capital
stocks/wealth. Their proceeds are very limited in some
Member States, but contribute a significant amount of
revenue in several others, depending not only on the tax
rates but also on the size and profitability of the capital
stock.
In terms of absolute levels, the most striking features
are the very high levels of the ITR on corporate income

in Sweden, Italy and Cyprus and its very low levels in


the three Baltic Member States and Hungary.
Graph 1.18: Implicit tax rate on capital
2010, in %
50
44.9

40

39.0
37.2 36.9
34.9 34.9
31.1 30.7

30

29.5

28.4 28.4
24.1
22.5
20.7 20.5

20

17.9 17.5

16.7

15.9
14.0

12.5
9.1

10

7.4

6.8

LV

LT

0
DK

Note:

FR

UK

SE

IT

CY

PT

BE

ES

FI

AT

SI

DE

PL

EL

HU

CZ

SK

IE

NL

EE

NO

no data for BG, LU, MT, RO and IS; data for DK, ES and UK refer to 2009

Source: Commission services

As explained above, the ITR on capital and business


income differs from the general ITR on capital as it
excludes the taxes on the stock of capital/wealth. It can
be broken down further into corporate income or

Taxation trends in the European Union

39

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