Revenue Statistics in Latin America and the Caribbean 2021
This report compiles comparable tax revenue statistics over the period 1990-2019 for 27 Latin American and Caribbean economies. Based on the OECD Revenue Statistics database, it applies the OECD methodology to countries in Latin America and the Caribbean to enable comparison of tax levels and tax structures on a consistent basis, both among the economies of the region and with other economies. This publication is jointly undertaken by the OECD Centre for Tax Policy and Administration, the OECD Development Centre, the Inter-American Center of Tax Administrations (CIAT), the Economic Commission for Latin America and the Caribbean (ECLAC) and the Inter-American Development Bank (IDB). The 2021 edition is produced with the support of the EU Regional Facility for Development in Transition for Latin America and the Caribbean, which results from joint work led by the European Union, the OECD and its Development Centre, and ECLAC.
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Special Feature: Fiscal revenues from non-renewable natural resources in Latin America and the Caribbean
Global oil markets stabilised to some extent in 2019 following volatility in the fourth quarter of 2018 related to significant over-supply. In December 2018, the members of OPEC and allied oil-producing countries – most notably the Russian Federation – committed to reducing their overall output volume by a combined 1.2 million barrels per day (0.8 million for OPEC members) for the first half of 2019. The accord was largely successful and overall world liquid fuels production slowed markedly in the first quarter of 2019 (). Crude oil spot prices rallied as the market moved to greater equilibrium during the first months of the year. Nevertheless, prices again trended lower in May on the back of weakening macroeconomic fundamentals, rising trade tensions between China and the United States and a build-up of crude oil stockpiles in the United States. In response, OPEC and allied exporters agreed in July to extend crude oil production cuts until 2020. These trends notwithstanding, oil consumption jumped in the second half of the year, largely bolstered by record crude oil imports in China as several new mega-refineries came online. Despite the up-tick registered in the fourth quarter, annual average crude oil spot prices fell for the year, with Brent down 10% (from USD 71.1 per barrel to USD 64.0) and Western Texas Intermediate (WTI) declining by 12% (from USD 64.8 per barrel to USD 57.0).
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