Title page 1

Contents 8

Foreword 4

Acknowledgements 5

In Memoriam 7

Executive summary 12

1. Tax revenue trends, 1990-2024 14

Introduction 14

Tax revenue levels and annual changes in 2024 15

Long-term trends in tax-to-GDP ratios 22

Tax structures in the LAC region 33

VAT revenue ratio 37

Health taxes in the LAC region 39

Environmentally related tax revenues 43

Taxes by level of government 45

References 49

Notes 53

2. Fiscal revenues from non-renewable natural resources in Latin America and the Caribbean 54

Hydrocarbon revenues fell sharply in Latin America and the Caribbean in 2024 54

Trends in fiscal revenues from mining varied significantly in 2024 57

Trends in fiscal revenues from hydrocarbons and mining diverged in 2025 61

References 64

3. Tax levels and tax structures, 1990-2024 66

4. Country tables, 1990-2024 - Tax revenues 84

5. Country tables, tax revenues by sub-sectors of general government, 1990-2024 144

Annex A. The OECD classification of taxes and interpretative guide 174

A.1. The OECD Classification of Taxes 175

A.2. Coverage 177

A.3. Basis of reporting 180

A.4. General classification criteria 181

A.5. Commentaries on items of the list 183

A.6. Conciliation with National Accounts 193

A.7. Memorandum item on the financing of social security benefits 193

A.8. Memorandum item on identifiable taxes paid by government 194

A.9. Relation of OECD classification of taxes to national accounting systems 194

A.10. The OECD classification of taxes and the International Monetary Fund (GFS) system 195

A.11. Comparison of the OECD classification of taxes with other international classifications 195

A.12. Attribution of tax revenues by sub-sectors of general government 196

Table 1.1. Changes in tax revenue as a share of GDP by main tax category, 2022 to 2024 20

Table 1.2. Changes in tax revenue by category as a share of GDP, LAC and sub-regions, 2024 21

Table 1.3. VRR and VAT rates in LAC countries by sub-region, 2024 38

Table 1.4. Attribution of tax revenue to sub-sectors of general government in LAC countries 48

Table 2.1. Latin America and the Caribbean and selected country groupings: Crude oil and natural gas production and exports, 2023-2024 55

Table 2.2. Latin America and the Caribbean (10 countries): General government fiscal revenues from oil and gas exploration and production,... 56

Table 2.3. Latin America and the Caribbean (11 countries): Mine production, by country and product, 2023-2024 59

Table 2.4. Latin America and the Caribbean (12 countries): General government revenues from mining, 2023-2024 60

Table 3.1. Total tax revenue as % of GDP, 1990-2024 67

Table 3.2. Total tax revenue in millions of USD at market exchange rates, 1990-2024 68

Table 3.3. Tax revenue of main headings as % of GDP, 2024 69

Table 3.4. Tax revenue of main headings as % of total tax revenue, 2024 70

Table 3.5. Taxes on income and profits (1000) as % of GDP and as % of total tax revenue 71

Table 3.6. Social security contributions (2000) as % of GDP and as % of total tax revenue 72

Table 3.7. Taxes on payroll (3000) as % of GDP and as % of total tax revenue 73

Table 3.8. Taxes on property (4000) as % of GDP and as % of total tax revenue 74

Table 3.9. Taxes on goods and services (5000) as % of GDP and as % of total tax revenue 75

Table 3.10. Value added taxes (5111) as % of GDP and as % of total tax revenue 76

Table 3.11. Tax revenues of sub-sectors of general government as % of total tax revenue 77

Table 3.12. Main central government taxes as % of total tax revenues of central government, 2024 78

Table 3.13. Main state government taxes as % of total tax revenues of state government, 2024 79

Table 3.14. Main local government taxes as % of total tax revenues of local government, 2024 80

Table 3.15. Gross domestic product for tax reporting years at market prices, in millions of national currency 81

Table 3.16. Gross domestic product for tax reporting years at market prices, in millions of USD 82

Table 3.17. Exchange rates used, national currency per US dollar at market exchange rates 83

Table 4.1. Antigua and Barbuda, details of tax revenue 85

Table 4.2. Argentina, details of tax revenue 87

Table 4.3. Bahamas, details of tax revenue 89

Table 4.4. Barbados, details of tax revenue 91

Table 4.5. Belize, details of tax revenue 93

Table 4.6. Bolivia, details of tax revenue 95

Table 4.7. Brazil, details of tax revenue 97

Table 4.8. Chile, details of tax revenue 99

Table 4.9. Colombia, details of tax revenue 101

Table 4.10. Costa Rica, details of tax revenue 104

Table 4.11. Cuba, details of tax revenue 106

Table 4.12. Dominican Republic, details of tax revenue 108

Table 4.13. Ecuador, details of tax revenue 110

Table 4.14. El Salvador, details of tax revenue 112

Table 4.15. Grenada, details of tax revenue 114

Table 4.16. Guatemala, details of tax revenue 116

Table 4.17. Guyana, details of tax revenue 118

Table 4.18. Honduras, details of tax revenue 120

Table 4.19. Jamaica, details of tax revenue 122

Table 4.20. Mexico, details of tax revenue 124

Table 4.21. Nicaragua, details of tax revenue 126

Table 4.22. Panama, details of tax revenue 128

Table 4.23. Paraguay, details of tax revenue 130

Table 4.24. Peru, details of tax revenue 132

Table 4.25. Saint Lucia, details of tax revenue 134

Table 4.26. Suriname, details of tax revenue 136

Table 4.27. Trinidad and Tobago, details of tax revenue 138

Table 4.28. Uruguay, details of tax revenue 140

Table 4.29. Venezuela, details of tax revenue 142

Table 5.1. Antigua and Barbuda, tax revenues by sub-sectors of government 145

Table 5.2. Argentina, tax revenues by sub-sectors of government 146

Table 5.3. Bahamas, tax revenues by sub-sectors of government 147

Table 5.4. Barbados, tax revenues by sub-sectors of government 148

Table 5.5. Belize, tax revenues by sub-sectors of government 149

Table 5.6. Bolivia, tax revenues by sub-sectors of government 150

Table 5.7. Brazil, tax revenues by sub-sectors of government 151

Table 5.8. Chile, tax revenues by sub-sectors of government 152

Table 5.9. Colombia, tax revenues by sub-sectors of government 153

Table 5.10. Costa Rica, tax revenues by sub-sectors of government 154

Table 5.11. Cuba, tax revenues by sub-sectors of government 155

Table 5.12. Dominican Republic, tax revenues by sub-sectors of government 156

Table 5.13. Ecuador, tax revenues by sub-sectors of government 157

Table 5.14. El Salvador, tax revenues by sub-sectors of government 158

Table 5.15. Grenada, tax revenues by sub-sectors of government 159

Table 5.16. Guatemala, tax revenues by sub-sectors of government 160

Table 5.17. Guyana, tax revenues by sub-sectors of government 161

Table 5.18. Honduras, tax revenues by sub-sectors of government 162

Table 5.19. Jamaica, tax revenues by sub-sectors of government 163

Table 5.20. Mexico, tax revenues by sub-sectors of government 164

Table 5.21. Nicaragua, tax revenues by sub-sectors of government 165

Table 5.22. Panama, tax revenues by sub-sectors of government 166

Table 5.23. Paraguay, tax revenues by sub-sectors of government 167

Table 5.24. Peru, tax revenues by sub-sectors of government 168

Table 5.25. Saint Lucia, tax revenues by sub-sectors of government 169

Table 5.26. Suriname, tax revenues by sub-sectors of government 170

Table 5.27. Trinidad and Tobago, tax revenues by sub-sectors of government 171

Table 5.28. Uruguay, tax revenues by sub-sectors of government 172

Table 5.29. Venezuela, tax revenues by sub-sectors of government 173

Boxes 11

Box 1.1. The tax-to-GDP ratio methodology 16

Box 1.2. Factors influencing tax levels 23

Box 1.3. Tax revenue per capita in LAC countries 26