Taxes on goods and services (% value added of industry and services) in Iceland

The Taxes on goods and services (% value added of industry and services) in Iceland was 14.03 in 2009, according to a World Bank report, published in 2010. The Taxes on goods and services (% value added of industry and services) in Iceland was reported at 15.54 in 2008, according to the World Bank. Taxes on goods and services include general sales and turnover or value added taxes, selective excises on goods, selective taxes on services, taxes on the use of goods or property, taxes on extraction and production of minerals, and profits of fiscal monopolies.This page includes a historical data chart, news and forecasts for Taxes on goods and services (% value added of industry and services) in Iceland. Iceland's Scandinavian-type social-market economy combines a capitalist structure and free-market principles with an extensive welfare system, including generous housing subsidies. Prior to the 2008 crisis, Iceland had achieved high growth, low unemployment, and a remarkably even distribution of income. The economy depends heavily on the fishing industry, which provides 40% of export earnings and employs 5% of the work force. Iceland's economy has been diversifying into manufacturing and service industries in the last decade, with new developments in software production, biotechnology, and tourism.

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