Iceland

On 30 October 2026, Iceland Revenue and Customs (Skatturinn) officially announced the completion of the 2026 corporate tax assessment cycle, finalizing tax liabilities for all legal entities operating in Iceland for the 2025 income year. This assessment is conducted under the authority of Act No. 90/2003 on Income Tax, as amended by Act No. 117/2023,

On 27 October 2026, Skatturinn published the detailed schedule and procedural framework for the 2026 corporate tax assessment, confirming that the final assessment for legal entities will take place on 30 October 2026. This publication, made under Article 14 of the Income Tax Act No. 90/2003 and Regulation No. 530/2004 on Tax Assessment Procedures, provides

As of 13 October 2026, the Icelandic Tax Authority (Skatturinn) has opened applications for individuals to utilize their private pension savings (séreignarsparnaður) tax-free for the purpose of repaying residential mortgage loans. This measure is implemented under the existing legal framework that permits tax-exempt withdrawals from qualified pension schemes when directed toward housing debt reduction. Applications

On 3 October 2026, the Hafnarfjörður municipal council executive committee announced a cap on general fee increases at 2.5% for the 2027 fiscal year. This decision sets a binding benchmark for the municipality’s ongoing budget preparations, signaling a commitment to fiscal restraint amid persistent inflationary pressures in Iceland. The cap applies to general municipal fees,

On 18 September 2026, Iceland Revenue and Customs (Skatturinn) announced the adoption of Regulation No. 1014/2026, which amends the Icelandic regulation on the EU Taxonomy for Sustainable Investments. This amendment aligns Iceland’s sustainable finance disclosure framework with the latest European Union delegated acts, ensuring consistency with the EU Taxonomy Regulation (EU) 2020/852. The changes affect

As of 21 September 2026, Icelandic tax policy has come under scrutiny following comments by Professor Gylfi Magnússon of the University of Iceland’s Faculty of Business Administration. In an interview with Iceland Monitor, the professor characterized the government’s bank tax as a ‘rather strange form of taxation,’ highlighting that it is uncommon internationally to impose

On 18 September 2026, Iceland’s Directorate of Internal Revenue (Skatturinn) announced that Regulation No. 1014/2026 on amendments to the classification system for sustainable investments has entered into force. The regulation transposes EU Commission Delegated Regulation 2026/73 into Icelandic law, aligning the country’s financial reporting framework with the EU Taxonomy Regulation. The changes affect financial undertakings,

Effective 14 September 2026, Skatturinn has implemented a new mandatory digital payment process for filing and registration fees payable to the Register of Enterprises (Fyrirtækjaskrá). The change replaces previous manual payment methods with a fully integrated solution via the Ísland.is digital mailbox, streamlining fee collection for company registrations, annual filings, and statutory amendments. The initiative

On 9 September 2026, the Icelandic Directorate of Internal Revenue (Skatturinn) confirmed that the final filing deadline for corporate tax returns (skattframtal lögaðila) for the 2025 fiscal year is 21 September 2026. This deadline represents a shortening of the previous filing window, reflecting the tax authority’s push for earlier submission and faster processing. The assessment

Skatturinn has reminded all corporate taxpayers that the final deadline for submitting corporate tax returns for the 2025 financial year is 21 September 2026. This deadline applies to limited liability companies, partnerships, and other corporate entities subject to corporate income tax under Act No. 90/2003. The announcement underscores that extensions beyond this date will not