Iceland has implemented an overall increase in withholding tax rates effective 1 January 2018 as follows:

• Dividends - increased from 18% to 20%
• Interest - increased from 10% to 12%
• Royalties - increased from 20% to 22%
• Fees for technical services - increased from 20% to 22%
• Capital Gains on shares - increased from 20% to 22%

The above rates may all be reduced under an applicable tax treaty. …