The overall tax-to-GDP ratio, meaning the sum of taxes and net social contributions as a percentage of gross domestic product (GDP), reached 40.4% in the European Union in 2024, up from 39.9% in 2023, according to data published by Eurostat on October 31. Cyprus recorded a slight increase from 37.5% in 2023 to 37.6% in 2024, remaining above the EU average.