Micronesia: Income and profits taxes
* indicates monthly or quarterly data series
| Micronesia |
Income, profits, and capital gains taxes: percent of revenue |
|---|---|
| Latest value | 10.94 |
| Year | 2020 |
| Measure | percent |
| Data availability | 2008 - 2020 |
| Average | 14.02 |
| Min - Max | 3.93 - 43.20 |
| Source | The World Bank |
The latest value from 2020 is 10.94 percent, a decline from 35.56 percent in 2019. In comparison, the world average is 24.92 percent, based on data from 118 countries. Historically, the average for Micronesia from 2008 to 2020 is 14.02 percent. The minimum value, 3.93 percent, was reached in 2009 while the maximum of 43.2 percent was recorded in 2018.
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Definition: Taxes on income, profits, and capital gains are levied on the actual or presumptive net income of individuals, on the profits of corporations and enterprises, and on capital gains, whether realized or not, on land, securities, and other assets. Intragovernmental payments are eliminated in consolidation.
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Government spending, percent of GDP | 58.31 | 1983 | percent |
| Government spending, in dollars | 0.06 | 1983 | billion U.S. dollars |
| Fiscal balance, percent of GDP | 4.46 | 2021 | percent |
| Government debt | 17.03 | 2021 | percent |
| Tax revenue | 6.43 | 2020 | percent |
| Commercial tax rate | 60.50 | 2019 | percent |
| Tax preparation time | 128 | 2019 | hours |
| Number of taxes | 21 | 2019 | taxes |
| Taxes on goods and services | 3.40 | 2020 | percent |
| Taxes on international trade | 4.50 | 2020 | percent |
| Income and profits taxes | 10.94 | 2020 | percent |
| Foreign aid | 130.76 | 2021 | million U.S. dollars |