Iceland Tax Agency Issues Guidelines on Taxable Activities of Podcasters

The Icelandic Directorate of Internal Revenue Nov. 12 issued guidelines on the taxable activities of podcasters. Topics covered include: 1) the requirement to declare all podcast income and the application of VAT if that income exceeds 2 million Icelandic Krona (US$14,542) in 12 months; 2) the applicable VAT rate of 24 percent applicable to all podcast-related sales of products and services; 3) examples of taxable podcast income; 4) the tax treatment of non-monetary income, which is based on its current or market value; and 5) the criteria for determining if podcast activities are a commercial operation, which include regular, independent ...