Unreported economic activity seems to be on the rise in Iceland’s tourism industry, according to the Confederation of Icelandic Employers (SA). SA found that tax revenue from the tourism industry is not in line with the increase in tourists to Iceland, ruv.is reports.
The number of tourists to Iceland increased by 30 percent from 2008 to 2012 while tax revenue decreased by 11 percent. No significant changes were made to the taxation system during the period.
