Panama: Taxes on goods and services

The latest value from 2021 is 33.26 percent, a decline from 33.36 percent in 2020. In comparison, the world average is 33.55 percent, based on data from 123 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. See the global rankings or world map for that indicator or use the country comparator to compare trends over time.

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.