Taxes on international trade in Iceland
Iceland: Taxes on international trade was 0.4% in 2023. ◆ Volatile
Taxes on international trade 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 international trade in Iceland is 0.4%, measured in 2023.
The figure is down 9.5% on the previous year and down 48.9% over ten years.
Over the whole period, taxes on international trade in Iceland peaked at 28.9% in 1972 and was at its lowest, 0.3%, in 2020.
Iceland ranks 126th of 154 countries on this measure, in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Taxes on international trade in Iceland, year by year
| Year | % of revenue | Change |
|---|---|---|
| 1972 | 28.9% | — |
| 1973 | 27.7% | -4.3% |
| 1974 | 27.5% | -0.8% |
| 1975 | 22.3% | -19.0% |
| 1976 | 20.9% | -6.1% |
| 1977 | 21.7% | +3.7% |
| 1978 | 21.6% | -0.3% |
| 1979 | 19.7% | -8.8% |
| 1980 | 18.2% | -7.6% |
| 1981 | 19.1% | +4.9% |
| 1982 | 17.6% | -7.7% |
| 1983 | 15.7% | -10.7% |
| 1984 | 15.9% | +1.1% |
| 1985 | 14.4% | -9.6% |
| 1986 | 12.8% | -11.1% |
| 1987 | 13.0% | +2.1% |
| 1988 | 10.0% | -23.6% |
| 1989 | 9.2% | -7.4% |
| 1990 | 9.1% | -1.6% |
| 1991 | 9.4% | +3.9% |
| 1992 | 8.4% | -11.2% |
| 1993 | 5.1% | -38.8% |
| 1994 | 1.5% | -70.8% |
| 1995 | 1.3% | -11.8% |
| 1996 | 1.2% | -8.5% |
| 1997 | 1.2% | -1.7% |
| 1998 | 1.3% | +8.4% |
| 1999 | 1.2% | -10.3% |
| 2000 | 1.2% | +3.0% |
| 2001 | 1.2% | +5.0% |
| 2002 | 1.0% | -21.9% |
| 2003 | 1.0% | +2.2% |
| 2004 | 1.0% | +0.5% |
| 2005 | 0.9% | -14.1% |
| 2006 | 1.0% | +11.5% |
| 2007 | 1.0% | +6.8% |
| 2008 | 0.9% | -10.7% |
| 2009 | 0.9% | +3.1% |
| 2010 | 1.1% | +17.0% |
| 2011 | 1.2% | +11.9% |
| 2012 | 1.2% | -2.1% |
| 2013 | 0.9% | -28.0% |
| 2014 | 0.8% | -5.9% |
| 2015 | 0.7% | -19.1% |
| 2016 | 0.4% | -36.6% |
| 2017 | 0.4% | +3.7% |
| 2018 | 0.4% | +0.0% |
| 2019 | 0.4% | -15.1% |
| 2020 | 0.3% | -19.8% |
| 2021 | 0.4% | +46.0% |
| 2022 | 0.5% | +13.6% |
| 2023 | 0.4% | -9.5% |
Iceland compared with similar countries
- Iceland's 0.4% is above the median for high income countries, which is 0.4%, 1.0× the median. (55 countries reporting)
- Iceland's 0.4% is above the median for Europe & Central Asia, which is 0.4%, 1.1× the median. (47 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 23.8% | 19.7% | 28.9% | 8 |
| 1980s | 14.6% | 9.2% | 19.1% | 10 |
| 1990s | 4.0% | 1.2% | 9.4% | 10 |
| 2000s | 1.0% | 0.9% | 1.2% | 10 |
| 2010s | 0.8% | 0.4% | 1.2% | 10 |
| 2020s | 0.4% | 0.3% | 0.5% | 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 international trade in Iceland?
- Taxes on international trade in Iceland was 0.4% in 2023, according to Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest taxes on international trade recorded in Iceland?
- The highest recorded value was 28.9% in 1972.
- What is the lowest taxes on international trade recorded in Iceland?
- The lowest recorded value was 0.3% in 2020.
- How does Iceland rank for taxes on international trade?
- Iceland ranks 126th out of 154 countries with data for 2023.
- Is taxes on international trade rising or falling in Iceland?
- Over the last ten years it is down 48.9%. The long-run trend across the full record is volatile.
- 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 international trade (% of revenue). Statizoid updates them automatically from the source API.
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About this data
Taxes on international trade are taxes that become payable when goods cross the national or customs frontiers of the economic territory or when transactions in services exchange between residents and non-residents. 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.