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Iceland: Tax relief in response to coronavirus (COVID-19)

Iceland: Tax relief in response to coronavirus

The Icelandic Parliament on 13 March 2020 passed legislation that provides for the postponement of tax payments.

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  • Postponement of the payment deadline for part of the social security tax to 15 April 2020. Legal entities are permitted to postpone the payment of half of the social security tax, that was originally due on 16 March 2020 to 15 April 2020.
  • Postponement of the payment deadline for part of the public levies on source to 15 April 2020. Legal entities are permitted to postpone the payment of half of the public levies on source, that was originally due on 16 March 2020 to 15 April 2020.
  • No penalty or surcharge on account of the late payments. The penalty or surcharge will not be imposed with regard to partial payments, provided that full payment is made by 15 April 2020.

The Icelandic government indicated there will be further action in the coming days in order to respond to the many challenges presented by the COVID-19 outbreak.


Read a March 2020 report [PDF 156 KB] prepared by the KPMG member firm in Iceland

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