Iceland Gazettes Law Amending Various Tax Laws Under 2024 Budget

The Icelandic Official Gazette Dec. 29, 2023, published Law No. 100/2023, amending various tax laws under the 2024 budget. The law includes measures: 1) introducing a 1 percent temporary additional income tax on legal entities for fiscal year 2024, to be assessed in 2025; 2) reducing progressive individual income tax rates to 16.55 percent from 16.78 percent, 23.05 percent from 23.28 percent, and 31.35 percent from 31.58 percent; 3) increasing the tax rate by 3.5 percent for the carbon tax, fuel tax, kilometer tax, special kilometer tax, and special excise tax on petrol, alcohol, and tobacco; 4) increasing the minimum ...