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Iceland: Relief grants for businesses (COVID-19)

Iceland: Relief grants for businesses (COVID-19)

A government program provides grants as relief to help alleviate the financial and economic challenges that businesses have encountered because of the coronavirus (COVID-19) pandemic.

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Individuals and legal entities engaged in business or independent activity and that have suffered a 60% or greater reduction in income attributable to the pandemic may be eligible for a relief grant, subject to certain conditions. Grants also may be available in instances of a business closure. The relief grants are available for the period 1 November 2020 through 31 May 2021.

Information about the relief grant program is available on the website (English) of the tax authority. The application deadline for a relief grant is 30 June 2021.


For more information, contact a KPMG tax professional in Iceland:

Soffía Eydís Björgvinsdóttir | + 35 4 545 6089 | sbjorgvinsdottir@kpmg.is

Ævar Hrafn Ingólfsson | +35 4 545 6278 | aehingolfsson@kpmg.is

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

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