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Iceland – the Base for your Business

  • Corporate income tax only 20%
  • No taxes levied by municipalities on corporates’ profits
  • No net wealth taxes levied on net capital
  • Tax incentives available on film production in Iceland
  • Dividends received by corporations are deductible
  • No requirements relating to percentage of stock ownership in the corporate payer apply
  • Consolidated returns available for corporations subject to at least 90% common control
  • Books of accounts may be kept in foreign currencies
  • Publicly traded companies are allowed to issue their share capital in a foreign currency
  • Non-publicly traded companies are allowed to issue their share capital in a foreign currency if certain requirements are met
  • No branch profits tax levied on repatriated profits from branches
  • Double taxation treaties available
  • Foreign tax credit available to avoid double taxation in the absence of tax treaties
  • Fair legislation on controlled foreign corporations
  • Fair legislation on “thin capitalization”
  • No basket system regarding the foreign tax credit
  • Developed financial and service sector
  • Iceland is a member of the 31-nation European Economic Area