Panama: Taxes on goods and services
* indicates monthly or quarterly data series
| Panama |
Taxes on goods and services, percent of total revenue |
|---|---|
| Latest value | 33.26 |
| Year | 2021 |
| Measure | percent |
| Data availability | 2014 - 2021 |
| Average | 34.57 |
| Min - Max | 32.53 - 36.89 |
| Source | The World Bank |
The latest value from 2021 is 33.26 percent, a decline from 33.36 percent in 2020. In comparison, the world average is 33.72 percent, based on data from 104 countries. Historically, the average for Panama from 2014 to 2021 is 34.57 percent. The minimum value, 32.53 percent, was reached in 2018 while the maximum of 36.89 percent was recorded in 2016.
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* indicates monthly or quarterly data series
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Definition: Taxes on goods and services include general sales and turnover or value added taxes, selective excises on goods, selective taxes on services, taxes on the use of goods or property, taxes on extraction and production of minerals, and profits of fiscal monopolies.
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| 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 |