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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 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 registration threshold in each EU country. Some jurisdictions like the UK have a high threshold of circa €97,000, whereas other countries like Spain do not have a limit allowing small businesses to avoid a VAT registration.