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Country vs country: Australia and Iceland compared: Economy > Tax

Definitions

  • Components of taxation > Social security > Contribution by employer: Tax on employer's contribution of social security as a percentage of total tax collected by the country. Data is for 2002.
  • Customs and other import duties > % of tax revenue: Customs and other import duties are all levies collected on goods that are entering the country or services delivered by nonresidents to residents. They include levies imposed for revenue or protection purposes and determined on a specific or ad valorem basis as long as they are restricted to imported goods or services.
  • Customs and other import duties > Current LCU: Customs and other import duties are all levies collected on goods that are entering the country or services delivered by nonresidents to residents. They include levies imposed for revenue or protection purposes and determined on a specific or ad valorem basis as long as they are restricted to imported goods or services.
  • Grants and other revenue > % of revenue: Grants and other revenue include grants from other foreign governments, international organisations, and other government units; interest; dividends; rent; requited, nonrepayable receipts for public purposes (such as fines, administrative fees, and entrepreneurial income from government owner\xADship of property); and voluntary, unrequited, nonrepayable receipts other than grants."
  • Grants and other revenue > Current LCU: Grants and other revenue include grants from other foreign governments, international organisations, and other government units; interest; dividends; rent; requited, nonrepayable receipts for public purposes (such as fines, administrative fees, and entrepreneurial income from government owner\xADship of property); and voluntary, unrequited, nonrepayable receipts other than grants."
  • Highest marginal tax rate > Corporate rate: Highest marginal tax rate (corporate rate) is the highest rate shown on the schedule of tax rates applied to the taxable income of corporations.
  • Highest marginal tax rate > Individual rate: Highest marginal tax rate (individual rate) is the highest rate shown on the schedule of tax rates applied to the taxable income of individuals.
  • Net taxes on products > Current US$: Net taxes on products (net indirect taxes) are the sum of product taxes less subsidies. Product taxes are those taxes payable by producers that relate to the production, sale, purchase or use of the goods and services. Subsidies are grants on the current account made by general government to private enterprises and unincorporated public enterprises. The grants may take the form of payments to ensure a guaranteed price or to enable maintenance of prices of goods and services below costs of production, and other forms of assistance to producers. Data are in current U.S. dollars.
  • Net taxes on products > Current US$ > Per capita: Net taxes on products (net indirect taxes) are the sum of product taxes less subsidies. Product taxes are those taxes payable by producers that relate to the production, sale, purchase or use of the goods and services. Subsidies are grants on the current account made by general government to private enterprises and unincorporated public enterprises. The grants may take the form of payments to ensure a guaranteed price or to enable maintenance of prices of goods and services below costs of production, and other forms of assistance to producers. Data are in current U.S. dollars. Per capita figures expressed per 1,000 population.
  • Other taxes > Current LCU: Other taxes include employer payroll or labor taxes, taxes on property, and taxes not allocable to other categories, such as penalties for late payment or nonpayment of taxes."
  • Revenue > Excluding grants > Current LCU: Revenue is cash receipts from taxes, social contributions, and other revenues such as fines, fees, rent, and income from property or sales. Grants are also considered as revenue but are excluded here."
  • Tax payments > Number > Per capita: Tax payments by businesses are the total number of taxes paid by businesses, including electronic filing. The tax is counted as paid once a year even if payments are more frequent." Per capita figures expressed per 1 million population.
  • Taxes on goods and services > % value added of industry and services: 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.
  • 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.
  • Total tax rate > % of profit: Total tax rate is the total amount of taxes payable by businesses (except for labor taxes) after accounting for deductions and exemptions as a percentage of profit.
STAT Australia Iceland HISTORY
Components of taxation > Social security > Contribution by employer 0.0
Ranked 27th.
7.9%
Ranked 23th.

Customs and other import duties > % of tax revenue 2.12%
Ranked 48th. 30% more than Iceland
1.63%
Ranked 51st.

Customs and other import duties > Current LCU 6.07 billion
Ranked 31st. 4% more than Iceland
5.86 billion
Ranked 33th.

Grants and other revenue > % of revenue 8.69%
Ranked 65th.
16.26%
Ranked 31st. 87% more than Australia

Grants and other revenue > Current LCU 27.18 billion
Ranked 43th.
78.04 billion
Ranked 26th. 3 times more than Australia

Highest marginal tax rate > Corporate rate 30%
Ranked 38th. Twice as much as Iceland
15%
Ranked 93th.

Highest marginal tax rate > Individual rate 45%
Ranked 13th. 21% more than Iceland
37.2%
Ranked 28th.

Net taxes on products > Current US$ 57.78 billion$
Ranked 13th. 27 times more than Iceland
2.16 billion$
Ranked 58th.

Net taxes on products > Current US$ > Per capita 2.88 million$ per 1,000 people
Ranked 15th.
7.4 million$ per 1,000 people
Ranked 2nd. 3 times more than Australia

Other taxes > Current LCU 396 million
Ranked 55th.
10.65 billion
Ranked 30th. 27 times more than Australia

Revenue > Excluding grants > Current LCU 312.36 billion
Ranked 38th.
477.46 billion
Ranked 34th. 53% more than Australia

Tax payments > Number > Per capita 0.571 per 1 million people
Ranked 139th.
101.85 per 1 million people
Ranked 16th. 178 times more than Australia

Taxes on goods and services > % value added of industry and services 7.36%
Ranked 65th.
18.23%
Ranked 5th. 2 times more than Australia

Taxes on income > Profits and capital gains > % of revenue 65.27%
Ranked 1st. 2 times more than Iceland
26.81%
Ranked 29th.

Total tax rate > % of profit 47.9%
Ranked 56th. 92% more than Iceland
25%
Ranked 152nd.

SOURCES: OECD Revenue Statistics; International Monetary Fund, Government Finance Statistics Yearbook and data files.; KPMG's Corporate and Indirect Tax Rate Survey 2009 (www.kpmg.com), and PricewaterhouseCoopers's Worldwide Tax Summaries Online (www.pwc.com).; KPMG's Individual Income Tax and Social Security Rate Survey 2009 (www.kpmg.com), and PricewaterhouseCoopers's Worldwide Tax Summaries Online (www.pwc.com).; World Development Indicators database; World Bank, Doing Business project (http://www.doingbusiness.org/).

Citation

"Economy > Tax: Australia and Iceland compared", NationMaster. Retrieved from http://www.nationmaster.com/country-info/compare/Australia/Iceland/Economy/Tax

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