Panama: Tax revenue
* indicates monthly or quarterly data series
| Panama |
Tax revenue, percent of GDP |
|---|---|
| Latest value | 7.46 |
| Year | 2021 |
| Measure | percent |
| Data availability | 2014 - 2021 |
| Average | 9.31 |
| Min - Max | 7.46 - 10.38 |
| Source | The World Bank |
The latest value from 2021 is 7.46 percent, a decline from 8.05 percent in 2020. In comparison, the world average is 17.48 percent, based on data from 105 countries. Historically, the average for Panama from 2014 to 2021 is 9.31 percent. The minimum value, 7.46 percent, was reached in 2021 while the maximum of 10.38 percent was recorded in 2016.
See the global rankings for that indicator or
use the country comparator to compare trends over time.
Select indicator
* indicates monthly or quarterly data series
Recent data
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.
Selected articles from our guide:
What factors determine the exchange rates
International lending and sovereign debt
All articles
| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Government spending, percent of GDP | 11.42 | 2017 | percent |
| Government spending, in dollars | 9.76 | 2022 | billion U.S. dollars |
| Fiscal balance, percent of GDP | -2.95 | 2023 | percent |
| Government debt | 57.86 | 2022 | percent |
| Government expenditure | 2.98 | Q4/2023 | billion |
| Tax revenue | 7.46 | 2021 | percent |
| Commercial tax rate | 37.20 | 2019 | percent |
| Tax preparation time | 408 | 2019 | hours |
| Number of taxes | 36 | 2019 | taxes |
| Taxes on goods and services | 33.26 | 2021 | percent |
| Taxes on international trade | 3.79 | 2021 | percent |
| Income and profits taxes | 29.06 | 2021 | percent |
| Foreign aid | 90.51 | 2021 | million U.S. dollars |