Question
Iceland as a welfare state. What is the income tax of Iceland
Answers
GPT 3.5
Iceland has a progressive income tax system with several tax brackets. As of 2021, here is the income tax rate structure for individuals in Iceland:
- Income up to ISK 977,333: 37.30%
- Income between ISK 977,334 and ISK 3,955,572: 37.30% up to ISK 977,333, and 37.55% on the portion exceeding ISK 977,333
- Income between ISK 3,955,573 and ISK 7,910,166: 37.55% up to ISK 3,955,572, and 39.73% on the portion exceeding ISK 3,955,572
- Income above ISK 7,910,166: 39.73% up to ISK 7,910,166, and 46.24% on the portion exceeding ISK 7,910,166
It's important to note that these rates may be subject to change, and additional deductions and allowances might apply. It is recommended to consult with a tax professional or refer to the Icelandic tax authority for the most up-to-date information.
- Income up to ISK 977,333: 37.30%
- Income between ISK 977,334 and ISK 3,955,572: 37.30% up to ISK 977,333, and 37.55% on the portion exceeding ISK 977,333
- Income between ISK 3,955,573 and ISK 7,910,166: 37.55% up to ISK 3,955,572, and 39.73% on the portion exceeding ISK 3,955,572
- Income above ISK 7,910,166: 39.73% up to ISK 7,910,166, and 46.24% on the portion exceeding ISK 7,910,166
It's important to note that these rates may be subject to change, and additional deductions and allowances might apply. It is recommended to consult with a tax professional or refer to the Icelandic tax authority for the most up-to-date information.