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Iceland Issues 2016 Budget Proposal Including Personal Income Tax Cuts

On 8 September 2015, Iceland's Ministry of Finance and Economic Affairs published the National Budget proposal 2016, which has been submitted to parliament for approval. The tax-related measures of the budget include the cancellation of most import duties and a reduction in individual income tax.

Import Duties

From 2016, the import duties on clothing and footwear will be canceled, and from 2017, all import duties will be canceled expect for those imposed on specified foods.

Individual Income Tax

The lower individual income tax bracket rate will be reduced from 22.86% to 22.68% for 2016, and to 22.50% for 2017(the additional 14.4% municipal rate is unchanged). The middle tax bracket will also be changed, with the additional tax charged in the middle bracket halved in 2016, and the middle bracket removed in 2017.

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