Iceland’s finance minister, Benedikt Jóhannesson, has put forward plans to increase VAT on tourism related services, while lowering the overall highest VAT rate.
An Icelandic company has today failed in its appeal against the tax authority’s decision not to allow it to claim ISK 250 million (EUR 2.11/USD 2.26 million) in sports betting losses as tax deductible.
The Personal Income Issue (Tekjublaðið) of Frjáls verslun (Free Trade) magazine has just been published.
The Minister for Health has proposed a new bill which will cap any individual’s annual health bill to below ISK 100,000 (EUR 710/USD 809). No extra public money will be available to finance the move, however.
The operation of Alcoa in Iceland has been losing money from the start, RÚV reports. “Made-up loss” and “scandal” is the view of the former director of Internal Revenue.
The Central Bank of Iceland has recommended an exemption from the Foreign Exchange Act be given to the failed banks, Kaupthing hf., Glitnir hf., and LBI hf.
The Directorate of Internal Revenue (DIR) believes organized tax fraud related to the construction industry amounted to ISK two billion (USD 15.4 million, EUR 13.6 million) last year.
Sigumundur Davíð Gunnlaugsson, Prime Minister of Iceland, paid roughly half as much tax and duties last year than in 2013.
Iceland’s head of tax fraud investigation has completed the purchase of tax records from tax havens around the world.