Iceland - Taxes on goods and services (% value added of industry and services)

Taxes on goods and services (% value added of industry and services) in Iceland was 12.92 as of 2019. Its highest value over the past 24 years was 21.14 in 1999, while its lowest value was 12.72 in 2009.

Definition: Taxes on goods and services include general sales and turnover or value added taxes, selective excises on goods, selective taxes on services, taxes on the use of goods or property, taxes on extraction and production of minerals, and profits of fiscal monopolies.

Source: International Monetary Fund, Government Finance Statistics Yearbook and data files, and World Bank and OECD value added estimates.

See also:

Year Value
1995 20.02
1996 20.59
1997 18.72
1998 19.99
1999 21.14
2000 19.48
2001 16.43
2002 16.62
2003 17.53
2004 18.55
2005 20.13
2006 19.44
2007 17.88
2008 14.36
2009 12.72
2010 13.14
2011 13.37
2012 13.93
2013 13.46
2014 13.37
2015 13.26
2016 13.44
2017 14.36
2018 13.90
2019 12.92

Limitations and Exceptions: For most countries central government finance data have been consolidated into one account, but for others only budgetary central government accounts are available. Countries reporting budgetary data are noted in the country metadata. Because budgetary accounts may not include all central government units (such as social security funds), they usually provide an incomplete picture. In federal states the central government accounts provide an incomplete view of total public finance. Data on government revenue and expense are collected by the IMF through questionnaires to member countries and by the Organisation for Economic Co-operation and Development (OECD). Despite IMF efforts to standardize data collection, statistics are often incomplete, untimely, and not comparable across countries.

Statistical Concept and Methodology: The IMF's Government Finance Statistics Manual 2014, harmonized with the 2008 SNA, recommends an accrual accounting method, focusing on all economic events affecting assets, liabilities, revenues, and expenses, not just those represented by cash transactions. It accounts for all changes in stocks, so stock data at the end of an accounting period equal stock data at the beginning of the period plus flows over the period. The 1986 manual considered only debt stocks. Government finance statistics are reported in local currency. Many countries report government finance data by fiscal year; see country metadata for information on fiscal year end by country.

Periodicity: Annual

Classification

Topic: Public Sector Indicators

Sub-Topic: Government finance