The Icelandic Ministry of Finance and Economic Affairs Sept. 8 announced the 2026 budget proposal. The proposal includes measures to: 1) extend, by one year, the temporary calculation rules and reference amounts for interest subsidies and child benefits, and repeal them by Jan. 1, 2027; 2) abolish the joint taxation of married couples and cohabitants between two tax brackets, from assessment year 2027; 3) abolish the use of the personal allowances for capital gains tax payments, from assessment year 2027; 4) increase by 3.7 percent the carbon tax, vehicle tax, oil tax, general and special kilometer taxes, and kilometer tax ...
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