It emerged last week that the Icelandic government will cut the amount of VAT it levies on recorded music goods from 24.5% to 7% from March 2007, as part of a package to support the music industry.
Iceland currently has the second highest rate of sales tax on recorded music in the world. Only Hungary and Norway, who both levy rates of 25%, tax recorded music sales more heavily.
"Music is a powerful means of expression, underscoring important moments in people's lives and evoking strong emotion. Since music is such an essential part of Icelandic culture, we believed that it was unfair to impose a higher rate of VAT on sound recordings compared to other cultural goods," Gunnar Gudmundsson, representative of IFPI (International Federation of the Phonographic Industry) Iceland observed.
The government has also announced the formation of Music Export Iceland - a campaign backed by private enterprise and the Ministries of Culture, Foreign Affairs, Industry and Trade to support the export of Icelandic music.
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