Tax to GDP ratios
The tax to GDP ratio in Iceland was 37.2% in 2000 and rose to a peak of 41.5% by 2006. It subsequently declined to 33.9% in 2009 before rising again to 37.2% in 2012. It was above the OECD average for the whole period and in 2011 it was 35.2% compared with the OECD figure of 34.1%.
The main observations for Iceland are:
- Revenue from personal and corporate income taxes rose from 14.8% of GDP in 2000 to 18.4% by 2007 but fell back to 17.0% by 2012. The ratio was 16.4% in 2011, well above the OECD average of 11.4%.
- The tax ratio for Social security contributions was 2.9% of GDP in 2000 and 4.1% in 2011 when it was well below the OECD average of 9.1%.
- The tax ratio for Taxes on goods and services fell from 16.4% of GDP in 2000 to 12.5% in 2011. Despite this, the measure of 12.4% in 2011 was above the OECD average of 11.0%.
- Property tax revenues were 2.4% of GDP in 2011, around 25% above the OECD average.
- OECD averages are not available for 2012 as 4 OECD countries have not provided data for that year.
- More comparative information about OECD member countries is contained in the tables linked within the following webpages:
- If you would like to print any of these pages we recommend using the 'landscape' option in your printing menu.
Back to the Revenue Statistics homepage