Iceland's headline corporate income tax (CIT) rate is 20.
The headline personal income tax (PIT) rate is 31.35 plus municipal tax.
The standard VAT/GST (or equivalent consumption tax) rate is 24. Registration thresholds, zero-rated and exempt categories, and reduced rates vary by jurisdiction - see the source link below for the full detail on this jurisdiction.
An individual is an Icelandic tax resident if domiciled in Iceland or staying in Iceland 183 days or more in aggregate within any 12-month period, resident from the date of arrival. Residents are taxed on worldwide income; tax liability generally ends upon departure, but former domiciled residents remain fully liable in Iceland for three years after leaving unless they prove tax residency elsewhere. Non-residents present 183 days or less are taxed only on Iceland-source income.
An Icelandic resident holding at least 50% of the capital or voting rights of a non-resident company registered in a low-tax jurisdiction (per a list maintained by the Ministry of Finance) is taxed currently on that company's income regardless of distribution; the same applies where an Icelandic resident controls and benefits from such a company without necessarily meeting the ownership threshold directly. The regime does not apply where the foreign entity is protected by an Iceland-negotiated tax treaty with the low-tax country, or is registered in another EEA member state with genuine business operations and a treaty exists between the relevant states.
Iceland has no fixed debt-to-equity ratio. Since January 1, 2017, an EBITDA-based interest limitation rule (Income Tax Act) caps deductible net interest on related-party debt at 30% of EBITDA, applying once interest expenses exceed ISK 100 million.
Iceland has signed double tax agreements with 44 states, per the Icelandic government, plus a multilateral Nordic administrative-assistance treaty (Norway, Denmark, the Faroe Islands, Greenland, Finland, Iceland, and Sweden) and separate tax information exchange agreements.