Taxes on goods and services (% of revenue) in Iceland
Iceland: Taxes on goods and services (% of revenue) was 35.2% in 2023. ▼ Falling
Taxes on goods and services in Iceland, 1972–2023
Source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of revenue.
Analysis
The most recent figure for taxes on goods and services in Iceland is 35.2%, measured in 2023.
The figure is down 0.4% on the previous year and up 5.4% over ten years.
Over the whole period, taxes on goods and services in Iceland peaked at 52.9% in 1988 and was at its lowest, 23.7%, in 2016.
That places Iceland 58th out of 156 countries with data for 2023, putting it in the middle of the range.
The long-run direction has been consistently falling across the 52 years of available data.
Taxes on goods and services (% of revenue) in Iceland, year by year
| Year | % of revenue | Change |
|---|---|---|
| 1972 | 35.8% | — |
| 1973 | 33.4% | -6.6% |
| 1974 | 41.8% | +25.2% |
| 1975 | 48.5% | +15.9% |
| 1976 | 50.2% | +3.5% |
| 1977 | 49.5% | -1.4% |
| 1978 | 46.4% | -6.4% |
| 1979 | 45.0% | -3.0% |
| 1980 | 48.6% | +8.1% |
| 1981 | 49.3% | +1.5% |
| 1982 | 48.9% | -0.9% |
| 1983 | 48.0% | -1.8% |
| 1984 | 49.1% | +2.3% |
| 1985 | 51.4% | +4.6% |
| 1986 | 50.8% | -1.1% |
| 1987 | 52.2% | +2.7% |
| 1988 | 52.9% | +1.5% |
| 1989 | 48.6% | -8.1% |
| 1990 | 47.0% | -3.4% |
| 1991 | 45.9% | -2.3% |
| 1992 | 45.2% | -1.5% |
| 1993 | 48.3% | +6.8% |
| 1994 | 50.6% | +4.7% |
| 1995 | 50.0% | -1.1% |
| 1996 | 49.5% | -0.9% |
| 1997 | 51.2% | +3.4% |
| 1998 | 51.4% | +0.5% |
| 1999 | 50.4% | -2.0% |
| 2000 | 48.5% | -3.7% |
| 2001 | 44.4% | -8.5% |
| 2002 | 45.5% | +2.5% |
| 2003 | 46.7% | +2.6% |
| 2004 | 48.0% | +2.7% |
| 2005 | 42.3% | -11.9% |
| 2006 | 40.2% | -5.0% |
| 2007 | 38.7% | -3.7% |
| 2008 | 30.1% | -22.3% |
| 2009 | 31.2% | +3.7% |
| 2010 | 34.4% | +10.3% |
| 2011 | 33.4% | -2.8% |
| 2012 | 33.6% | +0.7% |
| 2013 | 33.4% | -0.8% |
| 2014 | 31.9% | -4.4% |
| 2015 | 34.5% | +7.9% |
| 2016 | 23.7% | -31.1% |
| 2017 | 36.0% | +51.5% |
| 2018 | 35.7% | -0.7% |
| 2019 | 36.4% | +2.0% |
| 2020 | 37.7% | +3.5% |
| 2021 | 38.8% | +3.0% |
| 2022 | 35.3% | -9.0% |
| 2023 | 35.2% | -0.4% |
Iceland compared with similar countries
- Iceland's 35.2% is above the median for high income countries, which is 26.4%, 1.3× the median. (57 countries reporting)
- Iceland's 35.2% is above the median for Europe & Central Asia, which is 31.1%, 1.1× the median. (48 countries reporting)
Biggest year-on-year movements
Years where Taxes on goods and services (% of revenue) in Iceland changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 2017 | +51.5% | 23.7% | 36.0% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 43.8% | 33.4% | 50.2% | 8 |
| 1980s | 50.0% | 48.0% | 52.9% | 10 |
| 1990s | 48.9% | 45.2% | 51.4% | 10 |
| 2000s | 41.6% | 30.1% | 48.5% | 10 |
| 2010s | 33.3% | 23.7% | 36.4% | 10 |
| 2020s | 36.8% | 35.2% | 38.8% | 4 |
Countries ranked near Iceland
- 55 Cote d'Ivoire 35.6% compare
- 56 Tanzania 35.5% compare
- 57 Tajikistan 35.3% compare
- 59 Turkey 35.1% compare
- 60 Saint Lucia 34.8% compare
- 61 Sweden 34.7% compare
More public sector data for Iceland
- Democracy, annual growth rate 0 % change on previous year (2025)
- Chief executive of the government is elected, annual growth rate 0 % change on previous year (2025)
- Elected parliament, annual growth rate 0 % change on previous year (2025)
- Men's universal right to vote, annual growth rate 0 % change on previous year (2025)
- Universal right to vote, annual growth rate 0 % change on previous year (2025)
- Universal right to vote in practice, annual growth rate 0 % change on previous year (2025)
- Military expenditure (current USD), per capita 0 current USD per person (2024)
- Military expenditure (current USD), per unit of GDP 0 current USD per US$ of GDP (2024)
- Military expenditure (current USD), gaps filled 0 current USD (2024)
- Military expenditure (current USD), per square kilometre 0 current USD per square kilometre (2023)
Frequently asked questions
- What is taxes on goods and services in Iceland?
- Taxes on goods and services in Iceland was 35.2% in 2023, according to Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest taxes on goods and services recorded in Iceland?
- The highest recorded value was 52.9% in 1988.
- What is the lowest taxes on goods and services recorded in Iceland?
- The lowest recorded value was 23.7% in 2016.
- How does Iceland rank for taxes on goods and services?
- Iceland ranks 58th out of 156 countries with data for 2023.
- Is taxes on goods and services rising or falling in Iceland?
- Over the last ten years it is up 5.4%. The long-run trend across the full record is falling.
- Where does this Iceland data come from?
- The figures come from Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Taxes on goods and services (% of revenue). Statizoid updates them automatically from the source API.
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About this data
General taxes on goods and services are taxes levied on the production, leasing, delivery, sale, purchase or other change of ownership of a wide range of goods and the provision of a wide range of services. This indicator is expressed as a percentage of revenue which includes all transactions that add to the amount of economic value of a unit or sector.