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Iceland To Cut Top VAT Rate

by Ulrika Lomas, Tax-News.com, Brussels

23 June 2017


Iceland is planning to lower its top rate of value-added tax (VAT) to 22.5 percent from 24 percent from January 1, 2019, the International Monetary Fund (IMF) has said.

The country also told the IMF it would move several tourism-related services to the higher rate VAT band. Under the proposal, hotel accommodations, guided tours, travel agency services, the services provided by tour operators and travel partners, and private passenger transportation services will be taxed at the top VAT rate, starting from mid-2018.

In addition, Iceland is expected to double the carbon tax rate starting in January 2018, the IMF said in its latest report for the country.

In its recommendations for the country, the IMF said that Iceland should look to increase the contribution of indirect taxes, such as VAT, and hike property and natural resources taxes.

TAGS: tax | value added tax (VAT) | Iceland | International Monetary Fund (IMF) | carbon tax | services

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