Barbados: Tax revenue
* indicates monthly or quarterly data series
| Barbados |
Tax revenue, percent of GDP |
|---|---|
| Latest value | 27.39 |
| Year | 2016 |
| Measure | percent |
| Data availability | 2003 - 2016 |
| Average | 25.23 |
| Min - Max | 22.99 - 27.39 |
| Source | The World Bank |
The latest value from 2016 is 27.39 percent, an increase from 25.27 percent in 2015. In comparison, the world average is 16.35 percent, based on data from 142 countries. Historically, the average for Barbados from 2003 to 2016 is 25.23 percent. The minimum value, 22.99 percent, was reached in 2013 while the maximum of 27.39 percent was recorded in 2016.
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Definition: Tax revenue refers to compulsory transfers to the central government for public purposes. Certain compulsory transfers such as fines, penalties, and most social security contributions are excluded. Refunds and corrections of erroneously collected tax revenue are treated as negative revenue.
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Government spending, percent of GDP | 11.84 | 2022 | percent |
| Government spending, in dollars | 0.69 | 2022 | billion U.S. dollars |
| Fiscal balance, percent of GDP | -2.00 | 2022 | percent |
| Government debt | 115.50 | 2023 | percent |
| Tax revenue | 27.39 | 2016 | percent |
| Commercial tax rate | 35.60 | 2019 | percent |
| Tax preparation time | 241 | 2019 | hours |
| Number of taxes | 28 | 2019 | taxes |
| Taxes on goods and services | 45.88 | 2016 | percent |
| Taxes on international trade | 8.57 | 2016 | percent |
| Income and profits taxes | 29.98 | 2016 | percent |
| Foreign aid | 15.58 | 2010 | million U.S. dollars |