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Iceland Budget Measures for 2018 Approved

Iceland's Ministry of Finance and Economic Affairs has announced the approval of the budget for 2018 in parliament on 29 December 2017. The tax-related measures of the budget are mainly limited to:

  • An increase in the tax rate on capital income for individuals from 20% to 22%, with an increase in the exemption for interest income to ISK 150,000;
  • An increase in the lower/upper individual income tax bracket threshold, resulting in the following tax brackets for 2018 (rates unchanged; includes average municipal rate of 14.44%):
    • up to ISK 10,724,556 (893,713 per month) - 36.94%
    • over ISK 10,724,556 (893,713 per month) - 46.24%
  • An extension of the value-added tax exemption for environment-friendly motor vehicles for three years (such as electric and plug-in hybrid vehicles); and
  • Increases in the excise taxes for alcohol, gasoline and petrol, and tobacco products, and an increase in the carbon tax on fossil fuels by 50%.

The measures generally apply from 1 January 2018.

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