Taxes on goods and services (% of revenue) in Panama
Panama: Taxes on goods and services (% of revenue) was 32.6% in 2024. ▼ Falling
Taxes on goods and services in Panama, 2014–2024
Source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of revenue.
Analysis
In 2024, taxes on goods and services in Panama stood at 32.6%.
Compared with earlier readings it is up 14.7% on the previous year and down 9.7% over ten years.
Over the whole period, taxes on goods and services in Panama peaked at 36.9% in 2016 and was at its lowest, 28.4%, in 2023.
Panama ranks 68th of 156 countries on this measure, in the middle of the range.
The long-run direction has been consistently falling across the 11 years of available data.
Taxes on goods and services (% of revenue) in Panama, year by year
| Year | % of revenue | Change |
|---|---|---|
| 2014 | 36.1% | — |
| 2015 | 36.2% | +0.5% |
| 2016 | 36.9% | +1.8% |
| 2017 | 33.5% | -9.3% |
| 2018 | 32.5% | -2.8% |
| 2019 | 36.5% | +12.2% |
| 2020 | 35.3% | -3.2% |
| 2021 | 34.4% | -2.5% |
| 2022 | 33.0% | -4.2% |
| 2023 | 28.4% | -13.9% |
| 2024 | 32.6% | +14.7% |
Panama compared with similar countries
- Panama's 32.6% is above the median for high income countries, which is 26.4%, 1.2× the median. (57 countries reporting)
- Panama's 32.6% is below the median for Latin America & Caribbean, which is 36.3%, 90% of the median. (25 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2010s | 35.3% | 32.5% | 36.9% | 6 |
| 2020s | 32.7% | 28.4% | 35.3% | 5 |
Countries ranked near Panama
More public sector data for Panama
- 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)
- Arms imports 2.00 million SIPRI trend indicator values (1989)
- Arms imports (SIPRI trend indicator values), per capita 0.832 SIPRI trend indicator values per person (1989)
- Arms imports (SIPRI trend indicator values), per unit of GDP 0.0003 SIPRI trend indicator values per US$ of GDP (1989)
- Arms imports (SIPRI trend indicator values), annual growth rate -91.3 % change on previous year (1989)
Frequently asked questions
- What is taxes on goods and services in Panama?
- Taxes on goods and services in Panama 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 Panama?
- The highest recorded value was 36.9% in 2016.
- What is the lowest taxes on goods and services recorded in Panama?
- The lowest recorded value was 28.4% in 2023.
- How does Panama rank for taxes on goods and services?
- Panama ranks 68th out of 156 countries with data for 2024.
- Is taxes on goods and services rising or falling in Panama?
- Over the last ten years it is down 9.7%. The long-run trend across the full record is falling.
- Where does this Panama 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.