Iceland: Improving the Equity and Revenue Productivity of the Icelandic Tax System

International Monetary Fund

No 2010/213, IMF Staff Country Reports from International Monetary Fund

Abstract: The Icelandic government has launched a review of the tax system, with a view to improving its income redistribution, growth orientation, and efficiency features, as well as increasing its revenue mobilization potential. It aims at minimizing detrimental effects on employment and growth, and at removing inconsistencies with international practices. The tax measures will boost the revenue potential in line with the government’s objectives while substantially increasing income redistribution. The Icelandic Corporate Index Tax would benefit from adopting financial accounting as the basis to determine taxable income.

Keywords: ISCR; CR; excise duty; withholding tax; return on assets; tax system; wealth tax; double taxation; rate of return; Personal income; Capital income tax; Personal income tax; Income tax systems; Capital income; Europe (search for similar items in EconPapers)
Pages: 55
Date: 2010-07-16
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