OrbitaxIceland Approves Bill Including VAT, and Excise and Commodity Tax Changes Introduced in the 2015 Budget
|Approved Changes|Iceland
On 16 December 2014, Iceland's parliament approved a bill including changes introduced the country's 2015 Budget concerning value added tax and, commodity and excise taxes. The key tax changes include:
VAT Rate Changes
- The standard rate of VAT is reduced from 25.5% to 24%
- The reduced rate of VAT is increased from 7% to 11%
VAT Exemptions Changes
The VAT exemption for passenger transpor…
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