Iceland - Taxes on goods and services (% of revenue)

Taxes on goods and services (% of revenue) in Iceland was 36.41 as of 2019. Its highest value over the past 47 years was 52.94 in 1988, while its lowest value was 23.75 in 2016.

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.

See also:

Year Value
1972 35.76
1973 33.42
1974 41.84
1975 48.51
1976 50.20
1977 49.51
1978 46.36
1979 44.96
1980 48.59
1981 49.30
1982 48.87
1983 48.00
1984 49.09
1985 51.36
1986 50.79
1987 52.18
1988 52.94
1989 48.64
1990 47.00
1991 45.93
1992 45.23
1993 48.29
1994 50.56
1995 49.97
1996 49.51
1997 51.17
1998 51.43
1999 50.38
2000 48.53
2001 44.41
2002 45.54
2003 46.73
2004 48.00
2005 42.31
2006 40.18
2007 38.71
2008 30.08
2009 31.19
2010 34.39
2011 33.43
2012 33.65
2013 33.38
2014 31.92
2015 34.46
2016 23.75
2017 35.97
2018 35.70
2019 36.41

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.

Aggregation method: Median

Periodicity: Annual

Classification

Topic: Public Sector Indicators

Sub-Topic: Government finance