Taxes on incomes of individuals and corporations as share of GDP in Iceland
Iceland: Taxes on incomes of individuals and corporations as share of GDP was 18.5% in 2023. ▲ Rising
Latest (2023)
18.5%
Change on year
up 2.4%
World rank
6th
of 184 countries
All-time high
18.5%
in 2020
All-time low
6.2%
in 1985
Years of data
44
1980–2023
Taxes on incomes of individuals and corporations as share of GDP in Iceland, 1980–2023
Source: UNU-WIDER Government Revenue Dataset (2025) – with major processing by Our World in Data. Measured in %.
Analysis
In 2023, taxes on incomes of individuals and corporations as share of gdp in Iceland stood at 18.5%.
That represents a change of up 2.4% on the previous year and up 15.5% over ten years.
Over the whole period, taxes on incomes of individuals and corporations as share of gdp in Iceland peaked at 18.5% in 2020 and was at its lowest, 6.2%, in 1985.
That places Iceland 6th out of 184 countries with data for 2023, putting it in the top 10%.
The long-run direction has been consistently rising across the 44 years of available data.
Taxes on incomes of individuals and corporations as share of GDP in Iceland, year by year
| Year | % | Change |
|---|---|---|
| 1980 | 7.4% | — |
| 1981 | 7.1% | -3.7% |
| 1982 | 7.1% | +0.7% |
| 1983 | 6.7% | -5.9% |
| 1984 | 6.8% | +1.7% |
| 1985 | 6.2% | -8.5% |
| 1986 | 6.8% | +9.1% |
| 1987 | 6.4% | -5.8% |
| 1988 | 8.1% | +26.2% |
| 1989 | 8.3% | +3.1% |
| 1990 | 9.0% | +7.7% |
| 1991 | 8.9% | -0.8% |
| 1992 | 9.3% | +4.4% |
| 1993 | 10.0% | +6.8% |
| 1994 | 10.1% | +1.2% |
| 1995 | 10.5% | +4.1% |
| 1996 | 11.1% | +6.1% |
| 1997 | 11.3% | +1.8% |
| 1998 | 12.7% | +12.1% |
| 1999 | 13.8% | +8.9% |
| 2000 | 14.3% | +3.5% |
| 2001 | 14.7% | +3.1% |
| 2002 | 14.6% | -1.0% |
| 2003 | 15.3% | +5.1% |
| 2004 | 15.4% | +0.6% |
| 2005 | 17.0% | +10.0% |
| 2006 | 17.4% | +2.7% |
| 2007 | 17.4% | -0.1% |
| 2008 | 16.6% | -4.8% |
| 2009 | 14.7% | -11.0% |
| 2010 | 14.3% | -3.3% |
| 2011 | 15.1% | +6.0% |
| 2012 | 15.4% | +1.5% |
| 2013 | 16.0% | +4.3% |
| 2014 | 17.3% | +7.9% |
| 2015 | 16.5% | -4.6% |
| 2016 | 17.1% | +3.7% |
| 2017 | 18.3% | +7.1% |
| 2018 | 18.0% | -1.8% |
| 2019 | 17.5% | -2.6% |
| 2020 | 18.5% | +5.6% |
| 2021 | 17.4% | -6.1% |
| 2022 | 18.1% | +4.0% |
| 2023 | 18.5% | +2.4% |
Iceland compared with similar countries
- Iceland's 18.5% is above the median for high income countries, which is 10.0%, 1.8× the median. (63 countries reporting)
- Iceland's 18.5% is above the median for Europe & Central Asia, which is 8.9%, 2.1× the median. (50 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1980s | 7.1% | 6.2% | 8.3% | 10 |
| 1990s | 10.7% | 8.9% | 13.8% | 10 |
| 2000s | 15.8% | 14.3% | 17.4% | 10 |
| 2010s | 16.5% | 14.3% | 18.3% | 10 |
| 2020s | 18.1% | 17.4% | 18.5% | 4 |
Countries ranked near Iceland
- 3 Brunei Darussalam 20.7% compare
- 4 New Zealand 20.3% compare
- 5 Australia 18.9% compare
- 7 Canada 17.9% compare
- 8 Luxembourg 16.6% compare
- 9 Belgium 15.8% compare
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 incomes of individuals and corporations as share of gdp in Iceland?
- Taxes on incomes of individuals and corporations as share of gdp in Iceland was 18.5% in 2023, according to UNU-WIDER Government Revenue Dataset (2025) – with major processing by Our World in Data.
- What is the highest taxes on incomes of individuals and corporations as share of gdp recorded in Iceland?
- The highest recorded value was 18.5% in 2020.
- What is the lowest taxes on incomes of individuals and corporations as share of gdp recorded in Iceland?
- The lowest recorded value was 6.2% in 1985.
- How does Iceland rank for taxes on incomes of individuals and corporations as share of gdp?
- Iceland ranks 6th out of 184 countries with data for 2023.
- Is taxes on incomes of individuals and corporations as share of gdp rising or falling in Iceland?
- Over the last ten years it is up 15.5%. The long-run trend across the full record is rising.
- 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 incomes of individuals and corporations as share of GDP. Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 44 observations, free to reuse under CC BY 4.0 (Our World in Data).
About this data
Tax revenue on incomes, profits and capital gains divided by gross domestic product, expressed as a percentage.