VAT-turnover in activities related to tourism in Iceland 2016-
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Contact and information

Information

Unit
ISK million, precentage change
Contact
Sigrún Halldórsdóttir
Latest update
6/15/2022
Reference time
2016-
Matrix
SAM08050
Footnotes

Footnotes

. not applicable
.. not available
Preliminary figures. Turnover in ISK millions, excluding VAT.
For each company, the turnover is classified according to the company's main economic activity using ÍSAT2008, the Icelandic version of NACE rev. 2.
Some activities were not subjected to VAT before January 2016, for example travel agencies, tour operators and other reservation services and related activities, as well as transportation of passengers on land and sea.
Previously, statistics on tourism industries were based on Eurostat's definition of tourism. Now, two activities been added to provide statistics that better reflect the tourism industries in Iceland:
H5223: Service activities incidental to air transportation
S9604: Physical well-being activities, including geothermal spas
Detailed information on annual turnover for 2002-2019 can be found in Income statement and balance sheet by activity which Statistics Iceland publishes.
Activity
Total
Excludes domestic airtransport on regular schedules, public transport and taxis. These activities are exempt from VAT.
511: Passenger air transport
Excludes domestic transport on regular schedules, which is exempt from VAT.
79: Travel agencies (abroad)
Services in connection with trips abroad, i.e. with zero VAT-rate according to paragraph 12 of the VAT-law (Act 50/1988).
79: Travel agencies (in Iceland)
Services in connection with trips in Iceland, i.e. not with zero VAT-rate according to paragraph 12 of the VAT-law (Act 50/1988).
9604: Physical well-being activities
Includes geothermal baths
491, 4932, 4939: Passenger land transport
Excludes public transport and taxis, which are exempt from VAT.
501, 503: Sea and inland water passenger transport
Excludes public transport with ferries, which is exempt from VAT.