Tax rate on low wage earners - tax wedge on labour costs in Iceland
Iceland: Tax rate on low wage earners - tax wedge on labour costs was 27.3 in 2024. ▲ Rising
Latest (2024)
27.3
Change on year
down 1.4%
World rank
38th
of 44 countries
All-time high
30.3
in 2015
All-time low
23.8
in 2000
Years of data
25
2000–2024
Tax rate on low wage earners - tax wedge on labour costs in Iceland, 2000–2024
Source: Eurostat.
Analysis
In 2024, tax rate on low wage earners - tax wedge on labour costs in Iceland stood at 27.3.
Compared with earlier readings it is down 1.4% on the previous year and down 8.1% over ten years.
Over the whole period, tax rate on low wage earners - tax wedge on labour costs in Iceland peaked at 30.3 in 2015 and was at its lowest, 23.8, in 2000.
Iceland ranks 38th of 44 countries on this measure, in the bottom quarter.
The long-run direction has been consistently rising across the 25 years of available data.
Tax rate on low wage earners - tax wedge on labour costs in Iceland, year by year
| Year | Value | Change |
|---|---|---|
| 2000 | 23.8 | — |
| 2001 | 24.7 | +3.8% |
| 2002 | 26.3 | +6.5% |
| 2003 | 27.1 | +3.0% |
| 2004 | 27.7 | +2.2% |
| 2005 | 28.3 | +2.2% |
| 2006 | 28.3 | +0.0% |
| 2007 | 27.1 | -4.2% |
| 2008 | 27.6 | +1.8% |
| 2009 | 26.1 | -5.4% |
| 2010 | 28.4 | +8.8% |
| 2011 | 29.5 | +3.9% |
| 2012 | 29.3 | -0.7% |
| 2013 | 29.8 | +1.7% |
| 2014 | 29.7 | -0.3% |
| 2015 | 30.3 | +2.0% |
| 2016 | 30.3 | +0.0% |
| 2017 | 29.6 | -2.3% |
| 2018 | 29.6 | +0.0% |
| 2019 | 29.4 | -0.7% |
| 2020 | 29 | -1.4% |
| 2021 | 27.9 | -3.8% |
| 2022 | 28.1 | +0.7% |
| 2023 | 27.7 | -1.4% |
| 2024 | 27.3 | -1.4% |
Iceland compared with similar countries
- Iceland's 27.3 is below the median for Europe & Central Asia, which is 37.25, 73% of the median. (30 countries reporting)
- Iceland's 27.3 is below the median for high income countries, which is 36.4, 75% of the median. (33 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 26.7 | 23.8 | 28.3 | 10 |
| 2010s | 29.59 | 28.4 | 30.3 | 10 |
| 2020s | 28 | 27.3 | 29 | 5 |
Countries ranked near Iceland
- 36 United States 27.6 compare
- 37 United States 27.5 compare
- 39 Malta 26.5 compare
- 40 United Kingdom 26.1 compare
- 41 United Kingdom 25.3 compare
More work & labour data for Iceland
- Population - Est. & Proj. — Total Population - Both sexes, annual -0.4964 % change on previous year (2100)
- Population - Est. & Proj. — Total Population - Male, annual growth -0.4501 % change on previous year (2100)
- Population - Est. & Proj. — Total Population - Female, annual growth -0.5492 % change on previous year (2100)
- Population - Est. & Proj. — Rural population, annual growth rate -1.37 % change on previous year (2050)
- Population - Est. & Proj. — Urban population, annual growth rate 0.2312 % change on previous year (2050)
- Population - Est. & Proj. — Urban population 373.77 1000 No (2050)
- Population - Est. & Proj. — Rural population 16.3 1000 No (2050)
- Population - Est. & Proj. — Total Population - Female 169.5 1000 No (2100)
- Population - Est. & Proj. — Total Population - Male 193.08 1000 No (2100)
- Population - Est. & Proj. — Total Population - Both sexes 362.58 1000 No (2100)
Frequently asked questions
- What is tax rate on low wage earners - tax wedge on labour costs in Iceland?
- Tax rate on low wage earners - tax wedge on labour costs in Iceland was 27.3 in 2024, according to Eurostat.
- What is the highest tax rate on low wage earners - tax wedge on labour costs recorded in Iceland?
- The highest recorded value was 30.3 in 2015.
- What is the lowest tax rate on low wage earners - tax wedge on labour costs recorded in Iceland?
- The lowest recorded value was 23.8 in 2000.
- How does Iceland rank for tax rate on low wage earners - tax wedge on labour costs?
- Iceland ranks 38th out of 44 countries with data for 2024.
- Is tax rate on low wage earners - tax wedge on labour costs rising or falling in Iceland?
- Over the last ten years it is down 8.1%. The long-run trend across the full record is rising.
- Where does this Iceland data come from?
- The figures come from Eurostat, published as part of Tax rate on low wage earners - tax wedge on labour costs. Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 25 observations, free to reuse under CC BY 4.0 (Eurostat).