The Personal Income Tax Rate in Iceland stands at 46.20 percent. Personal Income Tax Rate in Iceland averaged 44.24 percent from 1995 until 2015, reaching an all time high of 46.90 percent in 1996 and a record low of 35.70 percent in 2007. Personal Income Tax Rate in Iceland...
Resident individuals are fully liable for tax payments in Iceland on their worldwide income.
The Corporate Tax Rate in Iceland stands at 20 percent. Corporate Tax Rate in Iceland averaged 23.65 percent from 1993 until 2015, reaching an all time high of 33 percent in 1994 and a record low of 15 percent in 2008. Corporate Tax Rate in Iceland is reported by...
Resident corporations pay tax on their worldwide income less operating expenses. Deductible operating expenses are comprised of all the expenses and costs needed to provide, insure, and maintain income.
The Icelandic economy has undergone drastic changes since the financial crisis in 2008. This report provides an overview of the current state of the economy, recent developments, and future prospects.
The economy continues its robust recovery. Strong household income growth and investment will fuel domestic demand in 2016. However, as investment slows and interest rates increase growth will begin to moderate. Lifting the capital controls introduced during the financial crisis is planned to begin in 2016.
The business environment in Iceland is fast moving, focused and company friendly. It is not restricted by complex regulations nor burdened with a heavy system of taxation.
Iceland’s operating environment is competitive with leading countries in the industrial world. With its low tax structure, high education levels and competitive costs for skilled labour, land and electricityIceland is a strong candidate for businesses to short-list when seeking new locations for their international operations.
The most common and economically important type of business in Iceland is the limited company. Other structures are partnerships, cooperative societies, official limited companies, businesses run by the self-employed and branches of foreign limited companies.
When you establish a business you must make sure to choose the form most suitable to the scope, purpose and type of operations.