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:
- Classifying most types of tourism services under the general VAT bracket (24%) while keeping restaurant services under …