Taxes on goods and services in Panama
Panama: Taxes on goods and services was 3.7% 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 % value added of industry and services.
Analysis
Panama recorded 3.7% for taxes on goods and services in 2024.
The figure is up 2.3% on the previous year and down 28.4% over ten years.
Over the whole period, taxes on goods and services in Panama peaked at 5.2% in 2014 and was at its lowest, 3.6%, in 2023.
That places Panama 140th out of 154 countries with data for 2024, putting it in the bottom quarter.
The long-run direction has been consistently falling across the 11 years of available data.
Taxes on goods and services in Panama, year by year
| Year | % value added of industry and services | Change |
|---|---|---|
| 2014 | 5.2% | — |
| 2015 | 5.0% | -2.3% |
| 2016 | 5.1% | +0.6% |
| 2017 | 4.9% | -4.5% |
| 2018 | 4.6% | -4.8% |
| 2019 | 4.6% | -0.0% |
| 2020 | 4.3% | -6.1% |
| 2021 | 4.2% | -4.0% |
| 2022 | 4.2% | +0.8% |
| 2023 | 3.6% | -13.8% |
| 2024 | 3.7% | +2.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2010s | 4.9% | 4.6% | 5.2% | 6 |
| 2020s | 4.0% | 3.6% | 4.3% | 5 |
Countries ranked near Panama
More public sector data for Panama
- 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)
- Arms imports (SIPRI trend indicator values), gaps filled 2.00 million SIPRI trend indicator values (1989)
- 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), annual growth rate -100 % change on previous year (2000)
- Military expenditure (current USD), gaps filled 0 current USD (2024)
- Arms imports (SIPRI trend indicator values), per square kilometre 26.9 SIPRI trend indicator values per square kilometre (1989)
Frequently asked questions
- What is taxes on goods and services in Panama?
- Taxes on goods and services in Panama was 3.7% 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 5.2% in 2014.
- What is the lowest taxes on goods and services recorded in Panama?
- The lowest recorded value was 3.6% in 2023.
- How does Panama rank for taxes on goods and services?
- Panama ranks 140th out of 154 countries with data for 2024.
- Is taxes on goods and services rising or falling in Panama?
- Over the last ten years it is down 28.4%. 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 (% value added of industry and services). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 11 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
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.