Iceland | Taxes on income, profits and capital gains (% of revenue)

Taxes on income, profits, and capital gains are levied on the actual or presumptive net income of individuals, on the profits of corporations and enterprises, and on capital gains, whether realized or not, on land, securities, and other assets. Intragovernmental payments are eliminated in consolidation. Limitations and exceptions: 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). Despite IMF efforts to standardize data collection, statistics are often incomplete, untimely, and not comparable across countries. Statistical concept and methodology: The IMF's Government Finance Statistics Manual 2014, harmonized with the 2008 SNA, recommends an accrual accounting method, focusing on all economic events affecting assets, liabilities, revenues, and expenses, not just those represented by cash transactions. It accounts for all changes in stocks, so stock data at the end of an accounting period equal stock data at the beginning of the period plus flows over the period. The 1986 manual considered only debt stocks. Government finance statistics are reported in local currency. Many countries report government finance data by fiscal year; see country metadata for information on fiscal year end by country.
Publisher
The World Bank
Origin
Republic of Iceland
Records
63
Source
Iceland | Taxes on income, profits and capital gains (% of revenue)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972 17.3126615
1973 17.16287215
1974 12.2291767
1975 8.97945087
1976 9.37704918
1977 7.98051705
1978 9.81008971
1979 12.32198614
1980 10.71952651
1981 10.57931847
1982 11.06083272
1983 10.4629492
1984 9.20193992
1985 7.40100349
1986 9.92440786
1987 8.47092098
1988 11.55754738
1989 16.18641185
1990 19.52902918
1991 20.26102306
1992 20.21670848
1993 20.17607352
1994 21.34058562
1995 22.16508086
1996 23.35953945
1997 21.26796698
1998 22.32782077
1999 24.20482234
2000 25.30487484
2001 26.52598776
2002 26.2373788
2003 27.33052977
2004 27.16462412
2005 25.72847562
2006 26.60979126
2007 27.00814823
2008 24.57145898
2009 23.50115057
2010 24.65386099
2011 23.79471535
2012 23.33765565
2013 25.23403293
2014 27.6411158
2015 27.97337191
2016 19.90011655
2017 30.5823505
2018 29.73609514
2019 31.1439485
2020 33.10884047
2021 31.05163579
2022 32.8604072

Iceland | Taxes on income, profits and capital gains (% of revenue)

Taxes on income, profits, and capital gains are levied on the actual or presumptive net income of individuals, on the profits of corporations and enterprises, and on capital gains, whether realized or not, on land, securities, and other assets. Intragovernmental payments are eliminated in consolidation. Limitations and exceptions: 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). Despite IMF efforts to standardize data collection, statistics are often incomplete, untimely, and not comparable across countries. Statistical concept and methodology: The IMF's Government Finance Statistics Manual 2014, harmonized with the 2008 SNA, recommends an accrual accounting method, focusing on all economic events affecting assets, liabilities, revenues, and expenses, not just those represented by cash transactions. It accounts for all changes in stocks, so stock data at the end of an accounting period equal stock data at the beginning of the period plus flows over the period. The 1986 manual considered only debt stocks. Government finance statistics are reported in local currency. Many countries report government finance data by fiscal year; see country metadata for information on fiscal year end by country.
Publisher
The World Bank
Origin
Republic of Iceland
Records
63
Source