In 2016, Iceland received revenues from one-off stability contributions from entities that previously operated as commercial or savings banks and were concluding operations. The stability contributions aimed to liberalise the capital controls that were imposed following the 2007-08 crisis, while preserving Iceland’s economic stability. The revenue from these contributions led to unusually high tax revenues for a single year.
The one-off stability contributions raised nearly ISK 385 000 million, equivalent to 15.7% of Iceland’s GDP in 2016. Iceland’s tax-to-GDP ratio rose from 36.3% in 2015 to 51.6% in 2016, before dropping 13.9 percentage points to 37.7% in 2017 (provisional). Due to the exceptional nature of the stability contributions, they are not representative of trends in tax levels across OECD countries and have been excluded from the calculation of the OECD average in 2016.
In 2016, Iceland received revenues from one-off stability contributions from entities that previously operated as commercial or savings banks and were concluding operations. The stability contributions aimed to liberalise the capital controls that were imposed following the 2007-08 crisis, while preserving Iceland’s economic stability. The revenue from these contributions led to unusually high tax revenues for a single year.
The one-off stability contributions raised nearly ISK 385 000 million, equivalent to 15.7% of Iceland’s GDP in 2016. Iceland’s tax-to-GDP ratio rose from 36.3% in 2015 to 51.6% in 2016, before dropping 13.9 percentage points to 37.7% in 2017 (provisional). Due to the exceptional nature of the stability contributions, they are not representative of trends in tax levels across OECD countries and have been excluded from the calculation of the OECD average in 2016.
In 2016, Iceland received revenues from one-off stability contributions from entities that previously operated as commercial or savings banks and were concluding operations. The stability contributions aimed to liberalise the capital controls that were imposed following the 2007-08 crisis, while preserving Iceland’s economic stability. The revenue from these contributions led to unusually high tax revenues for a single year.
The one-off stability contributions raised nearly ISK 385 000 million, equivalent to 15.7% of Iceland’s GDP in 2016. Iceland’s tax-to-GDP ratio rose from 36.3% in 2015 to 51.6% in 2016, before dropping 13.9 percentage points to 37.7% in 2017 (provisional). Due to the exceptional nature of the stability contributions, they are not representative of trends in tax levels across OECD countries and have been excluded from the calculation of the OECD average in 2016.
In 2016, Iceland received revenues from one-off stability contributions from entities that previously operated as commercial or savings banks and were concluding operations. The stability contributions aimed to liberalise the capital controls that were imposed following the 2007-08 crisis, while preserving Iceland’s economic stability. The revenue from these contributions led to unusually high tax revenues for a single year.
The one-off stability contributions raised nearly ISK 385 000 million, equivalent to 15.7% of Iceland’s GDP in 2016. Iceland’s tax-to-GDP ratio rose from 36.3% in 2015 to 51.6% in 2016, before dropping 13.9 percentage points to 37.7% in 2017 (provisional). Due to the exceptional nature of the stability contributions, they are not representative of trends in tax levels across OECD countries and have been excluded from the calculation of the OECD average in 2016.
The GDP figures used to calculate this variable can be found in the Revenue Statistics Reference series dataset (REFSERIES_REV). The sources of these figures are the Annual National Accounts database and the Quarterly National Accounts database for Australia, Canada, Japan and New Zealand.
The GDP figures used to calculate this variable can be found in the Revenue Statistics Reference series dataset (REFSERIES_REV). The sources of these figures are the Annual National Accounts database and the Quarterly National Accounts database for Australia, Canada, Japan and New Zealand.