Iceland: Tax revenue
* indicates monthly or quarterly data series
| Iceland |
Tax revenue, percent of GDP |
|---|---|
| Latest value | 23.16 |
| Year | 2023 |
| Measure | percent |
| Data availability | 1972 - 2023 |
| Average | 22.45 |
| Min - Max | 19.43 - 37.09 |
| Source | The World Bank |
The latest value from 2023 is 23.16 percent, an increase from 22.16 percent in 2022. In comparison, the world average is 17.51 percent, based on data from 110 countries. Historically, the average for Iceland from 1972 to 2023 is 22.45 percent. The minimum value, 19.43 percent, was reached in 1985 while the maximum of 37.09 percent was recorded in 2016.
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Definition: Taxes are compulsory, unrequited payments, in cash or in kind, made by institutionalunits to government units. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Government spending, percent of GDP | 25.14 | 2023 | percent |
| Government spending, in dollars | 10.06 | 2025 | billion U.S. dollars |
| Fiscal balance, percent of GDP | -3.51 | 2024 | percent |
| Primary budget balance | -0.98 | 2024 | percent |
| Government expenditure | 336.83 | Q1/2026 | billion |
| Long-term interest rate | 5.87 | 8/2022 | percent |
| Tax revenue | 23.16 | 2023 | percent |
| Commercial tax rate | 31.90 | 2019 | percent |
| Tax preparation time | 140 | 2019 | hours |
| Taxes on goods and services | 35.19 | 2023 | percent |
| Taxes on international trade | 0.45 | 2023 | percent |
| Income and profits taxes | 34.56 | 2023 | percent |
| Government debt | 59.45 | 2024 | percent |
| Sovereign debt average maturity | 6.79 | 2024 | percent |
| Short-term government debt | 7.06 | 2024 | percent |