Facts
- Combined corporate income tax rate
- 20.0 % (2023)
- Top statutory personal income tax rate
- 46.2 % (2022)
- Tax revenue, % of GDP
- 23.2 % (2023)
- Top marginal rate incl. employee social security
- 44.4 % (2022)
- OECD member
- Yes
- Corporate income tax rate, central government
- 20.0 % (2023)
- Central CIT rate net of sub-central deduction
- 20.0 % (2023)
- Top marginal income tax rate (PIT only)
- 44.4 % (2022)
- Top rate threshold, × average wage
- 1.19× (2022)
- Average annual wage, US$ PPP
- $74,897 (2022)
- Average annual wage, national currency
- 10,959,626 (2022)
- Tax revenue level
- 20–25% of GDP
- Taxes on income, profits and capital gains, % of revenue
- 47.2 % (2023)
- Taxes on goods and services, % of value added
- 13.0 % (2023)
- ISO code
- ISL
Sources: OECD Corporate Tax Statistics, OECD Tax Database, World Bank WDI (CC BY 4.0)
Tax revenue, % of GDP
| Period | Value |
|---|---|
| 2023 | 23.2 % |
| 2022 | 22.2 % |
| 2021 | 21.1 % |
| 2020 | 22.0 % |
| 2019 | 21.7 % |
| 2018 | 22.6 % |
| 2017 | 23.6 % |
| 2016 | 37.1 % |
| 2015 | 22.5 % |
| 2014 | 24.2 % |
| 2013 | 21.5 % |
| 2012 | 21.2 % |
Taxes on income, profits and capital gains, % of revenue
| Period | Value |
|---|---|
| 2023 | 47.2 % |
| 2022 | 45.7 % |
| 2021 | 42.1 % |
| 2020 | 43.8 % |
| 2019 | 43.5 % |
| 2018 | 43.0 % |
| 2017 | 43.4 % |
| 2016 | 25.5 % |
| 2015 | 40.2 % |
| 2014 | 40.0 % |
| 2013 | 39.5 % |
| 2012 | 37.3 % |
Taxes on goods and services, % of value added
| Period | Value |
|---|---|
| 2023 | 13.0 % |
| 2022 | 12.7 % |
| 2021 | 13.0 % |
| 2020 | 12.8 % |
| 2019 | 12.9 % |
| 2018 | 13.7 % |
| 2017 | 14.2 % |
| 2016 | 13.2 % |
| 2015 | 13.1 % |
| 2014 | 13.2 % |
| 2013 | 13.4 % |
| 2012 | 13.8 % |
Corporate income tax rate, central government
| Period | Value |
|---|---|
| 2023 | 20.0 % |
| 2022 | 20.0 % |
| 2021 | 20.0 % |
| 2020 | 20.0 % |
| 2019 | 20.0 % |
| 2018 | 20.0 % |
| 2017 | 20.0 % |
| 2016 | 20.0 % |
| 2015 | 20.0 % |
| 2014 | 20.0 % |
| 2013 | 20.0 % |
| 2012 | 20.0 % |
Combined corporate income tax rate
| Period | Value |
|---|---|
| 2023 | 20.0 % |
| 2022 | 20.0 % |
| 2021 | 20.0 % |
| 2020 | 20.0 % |
| 2019 | 20.0 % |
| 2018 | 20.0 % |
| 2017 | 20.0 % |
| 2016 | 20.0 % |
| 2015 | 20.0 % |
| 2014 | 20.0 % |
| 2013 | 20.0 % |
| 2012 | 20.0 % |
Average annual wage, US$ PPP
| Period | Value |
|---|---|
| 2022 | $74,897 |
| 2021 | $70,694 |
| 2020 | $65,556 |
| 2019 | $64,368 |
| 2018 | $62,995 |
| 2017 | $61,355 |
| 2016 | $59,216 |
| 2015 | $54,010 |
| 2014 | $51,794 |
| 2013 | $48,605 |
| 2012 | $44,682 |
| 2011 | $41,642 |
Year by year · 29
| Country-year | Combined corporate income tax rate | Top statutory personal income tax rate | Tax revenue, % of GDP |
|---|---|---|---|
| Iceland 2023 | 20.0 % | — | 23.2 % |
| Iceland 2022 | 20.0 % | 46.2 % | — |
| Iceland 2021 | 20.0 % | 46.2 % | — |
| Iceland 2020 | 20.0 % | 46.2 % | — |
| Iceland 2019 | 20.0 % | 46.2 % | — |
| Iceland 2018 | 20.0 % | 46.2 % | — |
| Iceland 2017 | 20.0 % | 46.2 % | — |
| Iceland 2016 | 20.0 % | 46.2 % | — |
| Iceland 2015 | 20.0 % | 46.2 % | — |
| Iceland 2014 | 20.0 % | 46.2 % | — |
| Iceland 2013 | 20.0 % | 46.2 % | — |
| Iceland 2012 | 20.0 % | 46.2 % | — |
| Iceland 2011 | 20.0 % | 46.2 % | — |
| Iceland 2010 | 18.0 % | 46.1 % | — |
| Iceland 2009 | 15.0 % | 41.2 % | — |
| Iceland 2008 | 15.0 % | 35.7 % | — |
| Iceland 2007 | 18.0 % | 35.7 % | — |
| Iceland 2006 | 18.0 % | 36.7 % | — |
| Iceland 2005 | 18.0 % | 39.7 % | — |
| Iceland 2004 | 18.0 % | 42.6 % | — |
| Iceland 2003 | 18.0 % | 43.5 % | — |
| Iceland 2002 | 18.0 % | 45.5 % | — |
| Iceland 2001 | 30.0 % | 45.8 % | — |
| Iceland 2000 | 30.0 % | 45.4 % | — |
| Iceland 1999 | — | — | 25.5 % |
| Iceland 1998 | — | — | 23.6 % |
| Iceland 1997 | — | — | 21.6 % |
| Iceland 1996 | — | — | 22.7 % |
| Iceland 1995 | — | — | 21.8 % |