PRESIDENT'S MESSAGE

I would like to start this newsletter by sharing some data published in an article by the Tax Foundation titled “Sources of Government Revenue in the OECD”. Please note that, although the article was published in May 2025, the OECD data it contains relates to 2023.

The Tax Foundation’s analysis of the data states: “Developed countries raise tax revenue through individual income taxes, corporate income taxes, social insurance taxes, taxes on goods and services, and property taxes - the combination of which determines how distortionary or neutral a tax system is. For example, taxes on income can do more economic harm than taxes on consumption and property. Countries across the Organisation for Economic Co-operation and Development (OECD) differ substantially in how they raise tax revenue.

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