Cyprus: Tax revenue
* indicates monthly or quarterly data series
| Cyprus |
Tax revenue, percent of GDP |
|---|---|
| Latest value | 23.23 |
| Year | 2021 |
| Measure | percent |
| Data availability | 1975 - 2021 |
| Average | 25.65 |
| Min - Max | 12.12 - 48.56 |
| Source | The World Bank |
The latest value from 2021 is 23.23 percent, an increase from 22.23 percent in 2020. In comparison, the world average is 17.48 percent, based on data from 105 countries. Historically, the average for Cyprus from 1975 to 2021 is 25.65 percent. The minimum value, 12.12 percent, was reached in 1976 while the maximum of 48.56 percent was recorded in 2007.
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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 | 18.48 | 2022 | percent |
| Government spending, in dollars | 6.17 | 2023 | billion U.S. dollars |
| Fiscal balance, percent of GDP | 3.10 | 2023 | percent |
| Government debt | 77.30 | 2023 | percent |
| Government expenditure | 1.48 | Q2/2024 | billion |
| Tax revenue | 23.23 | 2021 | percent |
| Commercial tax rate | 22.40 | 2019 | percent |
| Tax preparation time | 120 | 2019 | hours |
| Number of taxes | 16 | 2019 | taxes |
| Taxes on goods and services | 31.65 | 2021 | percent |
| Taxes on international trade | 0.16 | 2021 | percent |
| Income and profits taxes | 25.12 | 2021 | percent |
| Foreign aid | 59.86 | 2004 | million U.S. dollars |