The Iceland Ministry of Finance and Economic Affairs has published an English language overview of the five-year fiscal plan for 2018-2020 presented to parliament on 31 March 2017. With regard to tax system reform, the plan notes that the main upcoming changes will focus on amending the value added tax (VAT) system and canceling concessions. Particular VAT reforms include:
Other plans include lowering payroll taxes (if conditions warrant it), doubling the carbon tax, and continuing work on the design of a comprehensive green tax system.
We’re here to answer any questions you have about the Orbitax products and services.
We’re committed to providing high value, low cost tax research and management solutions.
Our Twitter account is where you can find latest information, news updates, offers and lots more.