Tax revenue in Iceland
Iceland: Tax revenue was 1.01 trillion current LCU in 2023. ◆ Volatile
Tax revenue in Iceland, 1972–2023
Source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in current LCU.
Analysis
Iceland recorded 1.01 trillion current LCU for tax revenue in 2023. That is the highest value across all 52 years on record.
Compared with earlier readings it is up 15.8% on the previous year and up 137.3% over ten years.
Over the whole period, tax revenue in Iceland peaked at 1.01 trillion current LCU in 2023 and was at its lowest, 169.10 million current LCU, in 1972.
That places Iceland 53rd out of 157 countries with data for 2023, putting it in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 809.84 million current LCU | 169.10 million current LCU | 2.20 billion current LCU | 8 |
| 1980s | 28.82 billion current LCU | 3.44 billion current LCU | 75.85 billion current LCU | 10 |
| 1990s | 112.04 billion current LCU | 88.63 billion current LCU | 168.02 billion current LCU | 10 |
| 2000s | 266.71 billion current LCU | 178.14 billion current LCU | 362.40 billion current LCU | 10 |
| 2010s | 545.61 billion current LCU | 340.00 billion current LCU | 944.86 billion current LCU | 10 |
| 2020s | 811.21 billion current LCU | 656.18 billion current LCU | 1.01 trillion current LCU | 4 |
Countries ranked near Iceland
More public sector data for Iceland
- Tax revenue 23.2% (2023)
- Taxes on income, profits and capital gains 34.6% (2023)
- Taxes on goods and services 35.2% (2023)
- Net investment in nonfinancial assets 2.3% (2023)
- Net lending (+) / net borrowing (-) -1.1% (2023)
- Interest payments 14.9% (2023)
- Grants and other revenue 17.2% (2023)
- Interest payments 14.7% (2023)
- Other taxes 3.0% (2023)
- Compensation of employees 23.8% (2023)
Frequently asked questions
- What is tax revenue in Iceland?
- Tax revenue in Iceland was 1.01 trillion current LCU in 2023, according to Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest tax revenue recorded in Iceland?
- The highest recorded value was 1.01 trillion current LCU in 2023.
- What is the lowest tax revenue recorded in Iceland?
- The lowest recorded value was 169.10 million current LCU in 1972.
- How does Iceland rank for tax revenue?
- Iceland ranks 53rd out of 157 countries with data for 2023.
- Is tax revenue rising or falling in Iceland?
- Over the last ten years it is up 137.3%. 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 Tax revenue (current LCU). Statizoid updates them automatically from the source API.
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About this data
Taxes are compulsory, unrequited payments, in cash or in kind, made by institutional units to government units. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.