Iceland
VAT Name :
VSK
VAT Number Format :
12345 (5 digits)
VAT Information Offices :
Directorate of Internal Revenue, Laugavegur 166, 105, Reykjavik
00354 442 1000
RATES
| Rate | Type | Which goods or services |
|---|---|---|
| 22.5% | Standard | All other taxable goods and services |
| 11% | Reduced | Hotels; Guestrooms; Private homes; Fishing lodges; Cottages, camps and hostels; Campgrounds; Food and alcohol; Travel agency; Tour operators and touring associations on behalf of others; Transport by air, land or sea including coach and bus trips; Self-employed guides; Spas and saunas |
| 0% | Zero | Exports; Ships and aircraft; Exports of services |
EXEMPTIONS
- Healthcare services and certain social care services
- Educational services
- Libraries, museums and similar cultural services
- Athletic services
- Public transport services
- Postal services
- Rental of parking spaces
- Banking, financial and insurance services
- Lotteries and betting pools
- Funeral services
- Activities of authors and musical composers
- Art sold by artists
- Rental of real property, sale of real property
- Sale of fishing rights
THRESHOLDS
Registration Threshold : ISK 2.000.000 per annum
(below threshold registration can be on a voluntary basis)
PENALTIES
Late Payment : 1% penalty charge for each day past due date up to a total of 10%; additional penalty is applied if VAT is not remitted within a month from due date. Additional surcharge of ISK 5.000 will be charged if electronic filed VAT statement is not made.
DEADLINES
Standard Tax Period : 2-monthly (6 times per year)
Returns must be filed one month and 5 days after the reporting period.