Iceland - Tax revenue (% of GDP)

Tax revenue (% of GDP) in Iceland was 21.78 as of 2019. Its highest value over the past 47 years was 37.61 in 2016, while its lowest value was 19.93 in 2009.

Definition: Tax revenue refers to compulsory transfers to the central government for public purposes. Certain compulsory transfers such as fines, penalties, and most social security contributions are excluded. Refunds and corrections of erroneously collected tax revenue are treated as negative revenue.

Source: International Monetary Fund, Government Finance Statistics Yearbook and data files, and World Bank and OECD GDP estimates.

See also:

Year Value
1972 22.82
1973 22.87
1974 23.77
1975 22.88
1976 21.77
1977 20.75
1978 21.15
1979 21.90
1980 21.21
1981 22.55
1982 22.95
1983 20.57
1984 20.94
1985 20.10
1986 20.30
1987 20.69
1988 22.31
1989 23.44
1990 23.51
1991 22.86
1992 23.16
1993 22.51
1994 22.25
1995 22.51
1996 23.45
1997 22.00
1998 23.96
1999 25.86
2000 25.11
2001 22.76
2002 22.59
2003 23.68
2004 24.77
2005 27.24
2006 26.90
2007 25.96
2008 22.80
2009 19.93
2010 20.23
2011 20.58
2012 21.50
2013 21.66
2014 24.49
2015 22.69
2016 37.61
2017 23.92
2018 22.97
2019 21.78

Limitations and Exceptions: For most countries central government finance data have been consolidated into one account, but for others only budgetary central government accounts are available. Countries reporting budgetary data are noted in the country metadata. Because budgetary accounts may not include all central government units (such as social security funds), they usually provide an incomplete picture. In federal states the central government accounts provide an incomplete view of total public finance. Data on government revenue and expense are collected by the IMF through questionnaires to member countries and by the Organisation for Economic Co-operation and Development (OECD). Despite IMF efforts to standardize data collection, statistics are often incomplete, untimely, and not comparable across countries.

Statistical Concept and Methodology: The IMF's Government Finance Statistics Manual 2014, harmonized with the 2008 SNA, recommends an accrual accounting method, focusing on all economic events affecting assets, liabilities, revenues, and expenses, not just those represented by cash transactions. It accounts for all changes in stocks, so stock data at the end of an accounting period equal stock data at the beginning of the period plus flows over the period. The 1986 manual considered only debt stocks. Government finance statistics are reported in local currency. Many countries report government finance data by fiscal year; see country metadata for information on fiscal year end by country.

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Public Sector Indicators

Sub-Topic: Government finance