The Icelandic government announced its intention to reduce the standard VAT rate from 24 to 22.5 from 1 January 2019.
Ever since the start of the financial crisis in 2007, almost all Member States have opted to increase their VAT rates to compensate the decrease on tax revenues. Iceland opted for this solution as during the financial crisis its standard VAT rated was increased to 25.5 in 2010, and then cut to 24 in 2015.
Furthermore, tourism services will be charged at the standard VAT rate temporarily in order to help fund a cut in employer taxes.
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As from 1 January 2017, Iceland increased the VAT registration threshold for small established businesses from ISK 1M to ISK 2M. The limit to get VAT registered has doubled, which means many small businesses will fall out of the net of VAT obligations.
VAT registration thresholds in Iceland do not apply to non-established foreign companies. If you are VAT registered via fiscal representative in Iceland on the grounds of taxable transactions made in the country, you must keep your registration even if your annual turnover is below the threshold.
The European Commission publishes every year the VAT...Read more
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