Iceland: Commercial tax rate
* indicates monthly or quarterly data series
| Iceland |
Tax rate, percent of commercial profits |
|---|---|
| Latest value | 31.90 |
| Year | 2019 |
| Measure | percent |
| Data availability | 2005 - 2019 |
| Average | 28.76 |
| Min - Max | 24.40 - 31.90 |
| Source | The World Bank (doing business survey) |
The latest value from 2019 is 31.9 percent, an increase from 30.6 percent in 2018. In comparison, the world average is 40.53 percent, based on data from 184 countries. Historically, the average for Iceland from 2005 to 2019 is 28.76 percent. The minimum value, 24.4 percent, was reached in 2009 while the maximum of 31.9 percent was recorded in 2019.
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Definition: Total tax rate measures the amount of taxes and mandatory contributions payable by businesses after accounting for allowable deductions and exemptions as a share of commercial profits. Taxes withheld (such as personal income tax) or collected and remitted to tax authorities (such as value added taxes, sales taxes or goods and service taxes) are excluded.
Selected articles from our guide:
What factors determine the exchange rates
International lending and sovereign debt
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Government spending, percent of GDP | 26.18 | 2022 | percent |
| Government spending, in dollars | 7.96 | 2023 | billion U.S. dollars |
| Fiscal balance, percent of GDP | -2.00 | 2023 | percent |
| Government debt | 35.90 | 2018 | percent |
| Government expenditure | 291.26 | Q2/2024 | billion |
| Long-term interest rate | 5.87 | 8/2022 | percent |
| Tax revenue | 23.03 | 2022 | percent |
| Commercial tax rate | 31.90 | 2019 | percent |
| Tax preparation time | 140 | 2019 | hours |
| Number of taxes | 21 | 2019 | taxes |
| Taxes on goods and services | 35.33 | 2022 | percent |
| Taxes on international trade | 0.49 | 2022 | percent |
| Income and profits taxes | 32.86 | 2022 | percent |