Taxes on goods and services in Iceland
Iceland: Taxes on goods and services was 13.0% in 2023. ▼ Falling
Taxes on goods and services in Iceland, 1995–2023
Source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % value added of industry and services.
Analysis
Iceland recorded 13.0% for taxes on goods and services in 2023.
The figure is up 2.7% on the previous year and down 2.7% over ten years.
Over the whole period, taxes on goods and services in Iceland peaked at 20.9% in 1999 and was at its lowest, 12.7%, in 2009.
That places Iceland 48th out of 154 countries with data for 2023, putting it in the middle of the range.
The long-run direction has been consistently falling across the 29 years of available data.
Taxes on goods and services in Iceland, year by year
| Year | % value added of industry and services | Change |
|---|---|---|
| 1995 | 18.2% | — |
| 1996 | 18.7% | +2.8% |
| 1997 | 18.3% | -2.3% |
| 1998 | 19.7% | +7.8% |
| 1999 | 20.9% | +6.0% |
| 2000 | 19.3% | -7.7% |
| 2001 | 16.3% | -15.5% |
| 2002 | 16.5% | +1.1% |
| 2003 | 17.4% | +5.4% |
| 2004 | 18.5% | +6.3% |
| 2005 | 19.9% | +7.8% |
| 2006 | 19.3% | -3.1% |
| 2007 | 17.7% | -8.1% |
| 2008 | 14.3% | -19.5% |
| 2009 | 12.7% | -11.2% |
| 2010 | 13.0% | +2.4% |
| 2011 | 13.3% | +2.2% |
| 2012 | 13.8% | +4.0% |
| 2013 | 13.4% | -2.8% |
| 2014 | 13.2% | -1.3% |
| 2015 | 13.1% | -0.7% |
| 2016 | 13.2% | +0.7% |
| 2017 | 14.2% | +7.0% |
| 2018 | 13.7% | -3.1% |
| 2019 | 12.9% | -6.2% |
| 2020 | 12.8% | -0.3% |
| 2021 | 13.0% | +1.2% |
| 2022 | 12.7% | -2.2% |
| 2023 | 13.0% | +2.7% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 19.2% | 18.2% | 20.9% | 5 |
| 2000s | 17.2% | 12.7% | 19.9% | 10 |
| 2010s | 13.4% | 12.9% | 14.2% | 10 |
| 2020s | 12.9% | 12.7% | 13.0% | 4 |
Countries ranked near Iceland
More public sector data for Iceland
- 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)
- Tax revenue 23.2% (2023)
- Capital stock, General government, Current prices, Domestic currency 1,595 (2019)
- Taxes on income, profits and capital gains 34.6% (2023)
- Capital stock, General government, Constant prices, Percent of GDP 51.25 (2019)
- Capital stock, General government, Constant prices, Purchasing power 10.26 (2019)
- Taxes on goods and services 35.2% (2023)
Frequently asked questions
- What is taxes on goods and services in Iceland?
- Taxes on goods and services in Iceland was 13.0% 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 20.9% in 1999.
- What is the lowest taxes on goods and services recorded in Iceland?
- The lowest recorded value was 12.7% in 2009.
- How does Iceland rank for taxes on goods and services?
- Iceland ranks 48th out of 154 countries with data for 2023.
- Is taxes on goods and services rising or falling in Iceland?
- Over the last ten years it is down 2.7%. 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 (% value added of industry and services). 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 value added in industry and services which is the contribution to the economy by industries in ISIC (Rev. 3) divisions 05-43 and 50-99.