Iceland's taxes on income, profits and capital gains (% of revenue) was 34.56% in 2023, the latest year in the World Bank's World Development Indicators. That is up 9.32 percentage points from 25.23% in 2013.
Key figures
| Value | Year | |
|---|---|---|
| Latest | 34.56% | 2023 |
| Five years earlier | 29.74% | 2018 |
| Ten years earlier | 25.23% | 2013 |
| Highest | 34.56% | 2023 |
| Lowest | 7.4% | 1985 |
| Average since 2014 | 29.86% | 2014–2023 |
| First recorded | 17.31% | 1972 |
What the numbers say
In 2023, Iceland's taxes on income, profits and capital gains (% of revenue) rose 1.7 percentage points on 2022 (from 32.86% to 34.56%).
Across the 30 yearly changes before that (1993 to 2022), the average change was +0.42 percentage points and a typical year strayed about 2.79 percentage points from that (the standard deviation). This year's change was 0.5 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.
On record, the biggest yearly rise was 10.68 percentage points in 2017 and the biggest yearly fall was 8.07 percentage points in 2016. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.
From 2014 to 2023 the straight-line trend is upward, about 0.98 percentage points a year. A straight line explains 52% of the movement over 10 observed years.
Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.
How it compares
In 2023, Iceland had the 3rd highest value of the 15 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.
| Value | Year | |
|---|---|---|
| Iceland | 34.56% | 2023 |
| World | 26.06% | 2024 |
| Europe & Central Asia | 20.92% | 2024 |
| High income | 26.1% | 2024 |
Closest to Iceland in the 2023 ranking
What this measures
Taxes on income, profits, and capital gains are taxes payable on the actual or presumed incomes, profits and capital gains. 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.
Limitations: 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).
Regional and income-group figures are computed by the World Bank as a median.
All 52 values
| Year | Taxes on income, profits and capital gains (% of revenue) |
|---|---|
| 2023 | 34.56 |
| 2022 | 32.86 |
| 2021 | 31.05 |
| 2020 | 33.11 |
| 2019 | 31.14 |
| 2018 | 29.74 |
| 2017 | 30.58 |
| 2016 | 19.9 |
| 2015 | 27.97 |
| 2014 | 27.64 |
| 2013 |
Taxes on income, profits and capital gains (% of revenue) in nearby economies
- Albania — 16.01% (2024)
- Armenia — 39.61% (2024)
- Austria — 28.16% (2024)
- Azerbaijan — 17.1% (2024)
- Belarus — 3.05% (2024)
- Belgium — 35.91% (2024)
- Bosnia and Herzegovina — 9.95% (2024)
- Bulgaria — 18.44% (2024)
- Croatia — 7.9% (2023)
More public sector data for Iceland
- Military expenditure (current USD) — 0 (2025)
- Military expenditure (current LCU) — 0 (2025)
- Military expenditure (% of GDP) — 0% (2025)
- Net incurrence of liabilities, total (current LCU) — 113.95 billion (2023)
- Net incurrence of liabilities, total (% of GDP) — 2.61% (2023)
- Net investment in nonfinancial assets (current LCU) — 100.01 billion (2023)
- Net investment in nonfinancial assets (% of GDP) — 2.29% (2023)
- Net lending (+) / net borrowing (-) (current LCU) — -47.09 billion (2023)
- Net lending (+) / net borrowing (-) (% of GDP) — -1.08% (2023)
- Grants and other revenue (current LCU)
Reading data like this
Questions people ask
- What is Iceland's taxes on income, profits and capital gains (% of revenue)?
- 34.56% in 2023, according to the World Bank (World Development Indicators).
- How has it changed since 1972?
- It is up 17.25 percentage points from 17.31% in 1972. The highest value was 34.56% in 2023 and the lowest 7.4% in 1985.
- How does Iceland rank?
- 3rd highest of 15 economies with data for 2023.
- Is the latest change in taxes on income, profits and capital gains (% of revenue) unusual for Iceland?
- In 2023, Iceland's taxes on income, profits and capital gains (% of revenue) rose 1.7 percentage points on 2022 (from 32.86% to 34.56%). Across the 30 yearly changes before that (1993 to 2022), the average change was +0.42 percentage points and a typical year strayed about 2.79 percentage points from that (the standard deviation). This year's change was 0.5 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.
Source
World Bank, World Development Indicators, indicator GC.TAX.YPKG.RV.ZS, licensed CC BY 4.0. Original source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.
Want to ask your own questions of data like this? Try AnalyzeIt: upload a file or ask about public data in plain words, and every figure comes with its working.
Legal entity
Devansh Yadav
Moradabad, Uttar Pradesh
Governing law: Courts at Moradabad, Uttar Pradesh
Phone: +91 8433475698
Legal: legal@analyzeit.in