Taxes on income vs. taxes on goods and services in Iceland
Iceland: Taxes on income vs. taxes on goods and services was 11.3% in 2023. ▼ Falling
Taxes on income vs. taxes on goods and services in Iceland, 1980–2023
Source: UNU-WIDER Government Revenue Dataset (2025) – with major processing by Our World in Data. Measured in % of GDP.
Analysis
In 2023, taxes on income vs. taxes on goods and services in Iceland stood at 11.3%.
Compared with earlier readings it is up 0.2% on the previous year and down 0.6% over ten years.
Over the whole period, taxes on income vs. taxes on goods and services in Iceland peaked at 17.0% in 2005 and was at its lowest, 10.9%, in 2009.
That places Iceland 46th out of 187 countries with data for 2023, putting it in the top quarter.
The long-run direction has been consistently falling across the 44 years of available data.
Taxes on income vs. taxes on goods and services in Iceland, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1980 | 13.1% | — |
| 1981 | 13.9% | +6.2% |
| 1982 | 14.3% | +3.3% |
| 1983 | 13.4% | -6.7% |
| 1984 | 14.0% | +4.5% |
| 1985 | 13.7% | -1.6% |
| 1986 | 13.7% | -0.3% |
| 1987 | 14.2% | +3.9% |
| 1988 | 15.5% | +8.9% |
| 1989 | 15.0% | -3.1% |
| 1990 | 13.7% | -8.5% |
| 1991 | 13.7% | -0.5% |
| 1992 | 14.0% | +2.1% |
| 1993 | 14.5% | +4.1% |
| 1994 | 15.2% | +4.2% |
| 1995 | 15.3% | +1.2% |
| 1996 | 15.7% | +2.4% |
| 1997 | 15.3% | -2.5% |
| 1998 | 15.5% | +1.4% |
| 1999 | 16.6% | +7.1% |
| 2000 | 15.9% | -4.5% |
| 2001 | 13.8% | -13.4% |
| 2002 | 13.8% | +0.7% |
| 2003 | 14.6% | +5.6% |
| 2004 | 15.7% | +7.3% |
| 2005 | 17.0% | +8.6% |
| 2006 | 16.9% | -0.5% |
| 2007 | 15.8% | -6.8% |
| 2008 | 12.6% | -20.1% |
| 2009 | 10.9% | -13.4% |
| 2010 | 11.1% | +1.7% |
| 2011 | 11.2% | +1.0% |
| 2012 | 11.6% | +3.5% |
| 2013 | 11.4% | -1.8% |
| 2014 | 11.4% | -0.3% |
| 2015 | 11.3% | -0.3% |
| 2016 | 11.7% | +2.9% |
| 2017 | 12.5% | +6.9% |
| 2018 | 12.1% | -2.7% |
| 2019 | 11.4% | -6.2% |
| 2020 | 11.4% | -0.1% |
| 2021 | 11.5% | +1.4% |
| 2022 | 11.3% | -2.0% |
| 2023 | 11.3% | +0.2% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1980s | 14.1% | 13.1% | 15.5% | 10 |
| 1990s | 15.0% | 13.7% | 16.6% | 10 |
| 2000s | 14.7% | 10.9% | 17.0% | 10 |
| 2010s | 11.6% | 11.1% | 12.5% | 10 |
| 2020s | 11.4% | 11.3% | 11.5% | 4 |
Countries ranked near Iceland
More economy & growth data for Iceland
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 1.96 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 2.48 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps -851.71 million BoP, current US$ (2025)
- Foreign direct investment, net outflows (BoP, current US$), per unit -0.0221 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net outflows (BoP, current US$), per capita -2,170 BoP, current US$ per person (2025)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled -201.70 million BoP, current US$ (2025)
- Foreign direct investment, net inflows (BoP, current US$), annual -107.12 % change on previous year (2025)
- Foreign direct investment, net inflows (BoP, current US$), per unit -0.0052 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net inflows (BoP, current US$), per capita -514.02 BoP, current US$ per person (2025)
- Total reserves (includes gold, current US$), annual growth rate 20.76 % change on previous year (2025)
Frequently asked questions
- What is taxes on income vs. taxes on goods and services in Iceland?
- Taxes on income vs. taxes on goods and services in Iceland was 11.3% in 2023, according to UNU-WIDER Government Revenue Dataset (2025) – with major processing by Our World in Data.
- What is the highest taxes on income vs. taxes on goods and services recorded in Iceland?
- The highest recorded value was 17.0% in 2005.
- What is the lowest taxes on income vs. taxes on goods and services recorded in Iceland?
- The lowest recorded value was 10.9% in 2009.
- How does Iceland rank for taxes on income vs. taxes on goods and services?
- Iceland ranks 46th out of 187 countries with data for 2023.
- Is taxes on income vs. taxes on goods and services rising or falling in Iceland?
- Over the last ten years it is down 0.6%. The long-run trend across the full record is falling.
- Where does this Iceland data come from?
- The figures come from UNU-WIDER Government Revenue Dataset (2025) – with major processing by Our World in Data, published as part of Taxes on income vs. taxes on goods and services. Statizoid updates them automatically from the source API.
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About this data
Total taxes on income (individual and corporate) vs. total taxes on goods and services (including VAT and sales taxes), as a share of GDP.