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VAT-turnover in activities related to tourism in Iceland 2016-

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Statistics Iceland - Economic Statistics
4/30/2025
ISK million, precentage change
2016-
SAM08050
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.. 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 Financial statements by economic activity which Statistics Iceland publishes.

Activity (NACE rev. 2)

Total

Excludes domestic airtransport on regular schedules, public transport and taxis. These activities are exempt from VAT.

511, 5223: Passenger air transport and incidental service activities

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.