Taxman Takes More this Year Skip to content

Taxman Takes More this Year

By Iceland Review

Personal taxes went up by a little less than 13% this year. According to the Ministry of Finance federal and local taxes of individuals went up by 13% and the number of people paying the special income tax (for high income) is now 24 thousand, up from 17 thousand last year. This is the last year that the tax (2% of income above a certain level) will be enforced.

The property of individuals was up by 27% and debt by 21%. The main reason is that property prices in Iceland have gone up. The financial income tax is also up by 60% over the previous year. All in all 85 thousand people pay the financial income tax.

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