Iceland Tax Revenue
Tax revenue as % of GDP GC.TAX.TOTL.GD.ZS
Iceland's tax revenue was 23.29% in 2025, ranked 20th globally. This represents a 0.5% increase from 2024. Data from World Bank, covering 1972–2025.
Overview
Iceland's tax revenue stood at 23.29% in 2025, a rise of +0.11% from 2023. Based on recent trends, this figure is projected to reach 23.29% by 2025. Iceland ranked 20th globally.
Iceland's tax revenue has experienced a significant fluctuation over the past five decades, ranging from a low of 19.43 in 1985 to a high of 37.09 in 2016. This variation is likely linked to the country's economic cycles, particularly the North Atlantic fishing industry's boom and bust periods. Despite a decline from its peak, Iceland's tax revenue currently stands at 23.29, ranking 20th globally, closely trailing peer countries such as Cyprus with 23.32 and Portugal with 23.06. Since 1972, the country has maintained a relatively stable tax revenue base, with a few notable exceptions, including the recession of the early 1980s. Looking ahead, a shift in Iceland's economy towards more service-oriented sectors or a significant increase in the country's population could alter the trajectory of its tax revenue.
Data & projection
| Year | Tax Revenue | YoY change | Rank |
|---|---|---|---|
| 2026* trend | 23.61% | - | - |
| 2025* trend | 23.29% | - | - |
| 2025 | 23.29% | +0.11% | #20 |
| 2023 | 23.18% | +1.01% | #83 |
| 2022 | 22.16% | +1.11% | #90 |
| 2021 | 21.06% | −0.93% | #95 |
| 2020 | 21.99% | +0.33% | #113 |
| 2019 | 21.66% | −0.95% | #102 |
| 2018 | 22.62% | −0.99% | #109 |
| 2017 | 23.61% | −13.49% | #122 |
| 2016 | 37.09% | +14.64% | #144 |
| 2015 | 22.45% | −1.79% | #118 |
| 2014 | 24.24% | +2.74% | #123 |
| 2013 | 21.50% | +0.27% | #100 |
| 2012 | 21.23% | +0.87% | #104 |
| 2011 | 20.35% | +0.37% | #98 |
| 2010 | 19.98% | +0.13% | #94 |
Detected Pattern
Analysis
Iceland matched the Export Boom Cycle pattern in 2016. Historically, 71% of countries showing this pattern (546 out of 768) saw tax revenue improve within 24 months. View full analysis →
Frequently Asked Questions
Iceland's tax revenue was 23.29% in 2025. Ranked 20th globally. This represents a 0.5% increase from the previous year.
Iceland's tax revenue peaked at 37.09% in 2016.
The lowest tax revenue in Iceland was 19.43% in 1985.
Iceland ranks 20th globally in tax revenue as of 2025.
The World Bank indicator code is GC.TAX.TOTL.GD.ZS. Data sourced from World Bank.
Iceland's tax revenue is projected to reach 23.29% by 2025 based on trend extrapolation.
The tax revenue of Iceland in 2025 was 23.29%. This ranks 20th in the world.
Cite this page
@misc{historysaid_iceland_tax-revenue,
title = {Iceland Tax Revenue},
url = {https://historysaid.com/iceland/tax-revenue/},
publisher = {HistorySaid},
year = {2026}
}