Somalia: Income and profits taxes
* indicates monthly or quarterly data series
| Somalia |
Income, profits, and capital gains taxes: percent of revenue |
|---|---|
| Latest value | 2.45 |
| Year | 2020 |
| Measure | percent |
| Data availability | 2017 - 2020 |
| Average | 2.59 |
| Min - Max | 1.39 - 3.38 |
| Source | The World Bank |
The latest value from 2020 is 2.45 percent, a decline from 3.38 percent in 2019. In comparison, the world average is 24.92 percent, based on data from 118 countries. Historically, the average for Somalia from 2017 to 2020 is 2.59 percent. The minimum value, 1.39 percent, was reached in 2017 while the maximum of 3.38 percent was recorded in 2019.
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Recent data
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 | 7.28 | 2022 | percent |
| Government spending, in dollars | 0.82 | 2023 | billion U.S. dollars |
| Fiscal balance, percent of GDP | -0.40 | 2023 | percent |
| Tax revenue | 0.00 | 2020 | percent |
| Taxes on goods and services | 6.38 | 2020 | percent |
| Taxes on international trade | 17.98 | 2020 | percent |
| Income and profits taxes | 2.45 | 2020 | percent |
| Foreign aid | 2,395.26 | 2021 | million U.S. dollars |