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  • VAT rates in Iceland to decrease from 2019

    Iceland reduces their VAT rates The Icelandic government announced its intention to reduce the standard VAT rates in Iceland 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...
    • By Marosa VAT
    • Published 15/05/2017 15:24
  • VAT registration threshold in Iceland increased

    VAT registration threshold increase in Iceland As from 1 January 2017, the tax authorities have announced an increase of the VAT registration threshold in Iceland 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...
    • By Marosa VAT
    • Published 07/01/2017 15:27