Plans to turn Iceland into an international financial center Skip to content

Plans to turn Iceland into an international financial center

By Iceland Review

The Icelandic Chamber of Commerce announced its new Icelandic name (Vidskiptarád instead of Verslunarrád)

and presented focal points for its activities at a meeting at Hotel Nordica on Wednesday reports

Morgunbladid. Thór Sigfússon, director of the Icelandic Chamber of Commerce, said that an improved

network of contacts for its members, increased globalization of the companies, and better

communications with countries abroad were among the Chamber’s main focal points.

Over 40 new companies have joined the Icelandic Chamber of Commerce in the last 12 to 14 months. Thór

said that there was interest in increasing the number of the Chamber’s corporate members, both large and


Other ideas presented by Thór were simplifying the tax

code, the Chamber will introduce proposals for flat

taxes that include reduction of VAT to 15% from the current 24.5%.

Thór also announced that the Chamber will appoint a committee on the Icelandic króna.

Thór said that the Chamber has presented ideas on how to make Iceland into an international financial

center. He said that the idea has been well received by Halldór Ásgrímsson, prime minister of Iceland. At

the end of the year, the Chamber will introduce these ideas formally.

Thór also talked about education issues and said that the Chamber was promoting ideas on how to increase

competition and choices in primary, secondary, and universities in Iceland. Thór said that Iceland had

the lowest ratio of private primary schools of the Nordic countries.

Thór also announced that next year the Chamber would host a conference in collaboration with the magazine

The Economist. The Icelandic government will be represented at the conference and international parties who have an interest in Iceland and Icelandic business life will be invited.

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