Taxes on income vs. taxes on goods and services in Panama
Panama: Taxes on income vs. taxes on goods and services was 2.8% in 2014. ▼ Falling
Taxes on income vs. taxes on goods and services in Panama, 1989–2014
Source: UNU-WIDER Government Revenue Dataset (2025) – with major processing by Our World in Data. Measured in % of GDP.
Analysis
The most recent figure for taxes on income vs. taxes on goods and services in Panama is 2.8%, measured in 2014.
Compared with earlier readings it is down 6.3% on the previous year and up 19.8% over ten years.
Over the whole period, taxes on income vs. taxes on goods and services in Panama peaked at 3.7% in 1991 and was at its lowest, 1.9%, in 2005.
Panama ranks 164th of 187 countries on this measure, in the bottom quarter.
The long-run direction has been consistently falling across the 26 years of available data.
Taxes on income vs. taxes on goods and services in Panama, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1989 | 3.4% | — |
| 1990 | 3.5% | +1.4% |
| 1991 | 3.7% | +7.4% |
| 1992 | 3.3% | -12.3% |
| 1993 | 3.3% | +1.6% |
| 1994 | 3.2% | -2.6% |
| 1995 | 3.2% | +0.0% |
| 1996 | 2.8% | -13.7% |
| 1997 | 2.6% | -4.8% |
| 1998 | 2.8% | +4.0% |
| 1999 | 2.7% | -2.5% |
| 2000 | 2.4% | -11.8% |
| 2001 | 2.2% | -5.6% |
| 2002 | 2.2% | -1.4% |
| 2003 | 2.4% | +9.2% |
| 2004 | 2.3% | -4.4% |
| 2005 | 1.9% | -18.1% |
| 2006 | 2.2% | +14.3% |
| 2007 | 2.6% | +23.1% |
| 2008 | 2.3% | -13.4% |
| 2009 | 2.4% | +4.9% |
| 2010 | 3.0% | +25.2% |
| 2011 | 3.1% | +4.0% |
| 2012 | 2.8% | -11.8% |
| 2013 | 2.9% | +6.4% |
| 2014 | 2.8% | -6.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1980s | 3.4% | 3.4% | 3.4% | 1 |
| 1990s | 3.1% | 2.6% | 3.7% | 10 |
| 2000s | 2.3% | 1.9% | 2.6% | 10 |
| 2010s | 2.9% | 2.8% | 3.1% | 5 |
Countries ranked near Panama
More economy & growth data for Panama
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 2.82 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 4 Percent per annum (2029)
- Total reserves minus gold (current US$), annual growth rate -8.97 % change on previous year (2025)
- Total reserves minus gold (current US$), per unit of GDP 0.069 current US$ per US$ of GDP (2025)
- Total reserves minus gold (current US$), per capita 1,365 current US$ per person (2025)
- General government final consumption expenditure (current US$) 4.41 % change on previous year (2024)
- General government final consumption expenditure (current US$), per 0.124 current US$ per US$ of GDP (2024)
- General government final consumption expenditure (current US$), per 2,377 current US$ per person (2024)
- General government final consumption expenditure (current LCU) 4.41 % change on previous year (2024)
- General government final consumption expenditure (current LCU), per 0.124 current LCU per US$ of GDP (2024)
Frequently asked questions
- What is taxes on income vs. taxes on goods and services in Panama?
- Taxes on income vs. taxes on goods and services in Panama was 2.8% in 2014, 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 Panama?
- The highest recorded value was 3.7% in 1991.
- What is the lowest taxes on income vs. taxes on goods and services recorded in Panama?
- The lowest recorded value was 1.9% in 2005.
- How does Panama rank for taxes on income vs. taxes on goods and services?
- Panama ranks 164th out of 187 countries with data for 2014.
- Is taxes on income vs. taxes on goods and services rising or falling in Panama?
- Over the last ten years it is up 19.8%. The long-run trend across the full record is falling.
- Where does this Panama 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.