Iceland - Taxes on goods and services (current LCU)
The value for Taxes on goods and services (current LCU) in Iceland was 337,641,000,000 as of 2019. As the graph below shows, over the past 47 years this indicator reached a maximum value of 337,641,000,000 in 2019 and a minimum value of 69,200,000 in 1972.
Definition: Taxes on goods and services include general sales and turnover or value added taxes, selective excises on goods, selective taxes on services, taxes on the use of goods or property, taxes on extraction and production of minerals, and profits of fiscal monopolies.
Source: International Monetary Fund, Government Finance Statistics Yearbook and data files.
| Year | Value |
|---|---|
| 1972 | 69,200,000 |
| 1973 | 95,400,000 |
| 1974 | 173,800,000 |
| 1975 | 280,900,000 |
| 1976 | 382,800,000 |
| 1977 | 528,600,000 |
| 1978 | 795,900,000 |
| 1979 | 1,180,800,000 |
| 1980 | 1,986,700,000 |
| 1981 | 3,265,500,000 |
| 1982 | 5,259,900,000 |
| 1983 | 8,396,400,000 |
| 1984 | 11,599,100,000 |
| 1985 | 16,039,500,000 |
| 1986 | 21,163,300,000 |
| 1987 | 28,743,800,000 |
| 1988 | 38,547,900,000 |
| 1989 | 45,897,700,000 |
| 1990 | 50,409,700,000 |
| 1991 | 53,545,600,000 |
| 1992 | 55,083,100,000 |
| 1993 | 58,980,200,000 |
| 1994 | 65,424,400,000 |
| 1995 | 67,508,000,000 |
| 1996 | 74,255,800,000 |
| 1997 | 78,787,500,000 |
| 1998 | 95,357,400,000 |
| 1999 | 107,811,000,000 |
| 2000 | 110,561,000,000 |
| 2001 | 107,397,000,000 |
| 2002 | 115,452,000,000 |
| 2003 | 125,534,000,000 |
| 2004 | 147,629,000,000 |
| 2005 | 173,827,000,000 |
| 2006 | 193,448,000,000 |
| 2007 | 205,506,000,000 |
| 2008 | 192,843,000,000 |
| 2009 | 175,552,000,000 |
| 2010 | 185,358,000,000 |
| 2011 | 197,005,000,000 |
| 2012 | 213,576,000,000 |
| 2013 | 222,836,000,000 |
| 2014 | 235,894,000,000 |
| 2015 | 259,334,000,000 |
| 2016 | 287,405,000,000 |
| 2017 | 322,961,000,000 |
| 2018 | 337,326,000,000 |
| 2019 | 337,641,000,000 |
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.
Periodicity: Annual
Classification
Topic: Public Sector Indicators
Sub-Topic: Government finance
