Taxes on goods and services in Latin America & Caribbean
Latin America & Caribbean: Taxes on goods and services was 32.6% in 2024. ▼ Falling
Taxes on goods and services in Latin America & Caribbean, 1998–2024
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 Latin America & Caribbean is 32.6%, measured in 2024.
The figure is up 7.6% on the previous year and down 9.6% over ten years.
Over the whole period, taxes on goods and services in Latin America & Caribbean peaked at 44.5% in 2003 and was at its lowest, 30.3%, in 2023.
That places Latin America & Caribbean 21st out of 41 groups with data for 2024, putting it in the middle of the range.
The long-run direction has been consistently falling across the 26 years of available data.
Taxes on goods and services in Latin America & Caribbean, year by year
| Year | % of revenue | Change |
|---|---|---|
| 1998 | 41.8% | — |
| 1999 | 42.6% | +2.0% |
| 2000 | 41.9% | -1.7% |
| 2001 | 42.3% | +0.9% |
| 2003 | 44.5% | +5.3% |
| 2004 | 43.8% | -1.6% |
| 2005 | 41.8% | -4.6% |
| 2006 | 38.2% | -8.6% |
| 2007 | 40.3% | +5.7% |
| 2008 | 39.1% | -3.1% |
| 2009 | 38.6% | -1.3% |
| 2010 | 40.0% | +3.8% |
| 2011 | 36.3% | -9.2% |
| 2012 | 36.6% | +0.7% |
| 2013 | 35.9% | -2.0% |
| 2014 | 36.0% | +0.5% |
| 2015 | 37.1% | +2.8% |
| 2016 | 35.4% | -4.5% |
| 2017 | 33.5% | -5.4% |
| 2018 | 32.5% | -2.8% |
| 2019 | 30.3% | -6.7% |
| 2020 | 35.3% | +16.4% |
| 2021 | 34.4% | -2.5% |
| 2022 | 31.1% | -9.7% |
| 2023 | 30.3% | -2.5% |
| 2024 | 32.6% | +7.6% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 42.2% | 41.8% | 42.6% | 2 |
| 2000s | 41.2% | 38.2% | 44.5% | 9 |
| 2010s | 35.4% | 30.3% | 40.0% | 10 |
| 2020s | 32.7% | 30.3% | 35.3% | 5 |
Countries ranked near Latin America & Caribbean
More public sector data for Latin America & Caribbean
- Arms imports 644.00 million SIPRI trend indicator values (2024)
- Arms imports (SIPRI trend indicator values), per capita 0.9725 SIPRI trend indicator values per person (2024)
- Arms imports (SIPRI trend indicator values), per unit of GDP 0.0001 SIPRI trend indicator values per US$ of GDP (2024)
- Arms imports (SIPRI trend indicator values), annual growth rate 67.27 % change on previous year (2024)
- Arms imports (SIPRI trend indicator values), gaps filled 644.00 million SIPRI trend indicator values (2024)
- Military expenditure (current USD), per capita 110.81 current USD per person (2024)
- Military expenditure (current USD), per unit of GDP 0.0104 current USD per US$ of GDP (2024)
- Military expenditure (current USD), annual growth rate 10.62 % change on previous year (2024)
- Military expenditure (current USD), gaps filled 73.38 billion current USD (2024)
- Arms imports (SIPRI trend indicator values), per square kilometre 19.2 SIPRI trend indicator values per square kilometre (2023)
Frequently asked questions
- What is taxes on goods and services in Latin America & Caribbean?
- Taxes on goods and services in Latin America & Caribbean was 32.6% in 2024, according to Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest taxes on goods and services recorded in Latin America & Caribbean?
- The highest recorded value was 44.5% in 2003.
- What is the lowest taxes on goods and services recorded in Latin America & Caribbean?
- The lowest recorded value was 30.3% in 2023.
- How does Latin America & Caribbean rank for taxes on goods and services?
- Latin America & Caribbean ranks 21st out of 41 groups with data for 2024.
- Is taxes on goods and services rising or falling in Latin America & Caribbean?
- Over the last ten years it is down 9.6%. The long-run trend across the full record is falling.
- Where does this Latin America & Caribbean 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.