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Turnover by industry and VAT-period 2008-

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Statistics Iceland
2/21/2024
ISK million
2008-
FYR04101
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Preliminary figures. Turnover in ISK millions, without VAT, according to VAT-returns. The data covers all taxable turnover and turnover from export of taxable goods and services which is exempt from VAT according to paragraph 12 of the Act on VAT laws (50/1988). Turnover from activities that are exempt from VAT according to paragraph 2 of the VAT laws (e.g. healthcare, education, financial services, insurance) is not included in these figures. The data covers all sales of goods and services that are VAT taxable, regardless if it is a sale to final use or for resale. For each company, the turnover is classified according to the company's main economic activity. Economic activity is classified in accordance with ÍSAT2008, the Icelandic version of NACE rev. 2. Many farmers report VAT-turnover biannually in accordance with the paragraph 31 of the VAT laws. For these farmers, in this table, turnover during the first half of the year is included with turnover in the period May-June and turnover during the second half of the year is included with turnover in the period November-December. Until this data has been fully reported the turnover in agriculture and the category 'Total' for those specific periods and the year as a whole are marked by '..'. Since January 2016 some activities are not exempt from VAT according to paragraph 2 of the VAT laws any more, e.g. travel agencies and some passenger services.

Activity (NACE rev. 2)

When VAT-turnover for the periods May-June and November-December is published, the turnover in agriculture and forestry is not published. Many farmers report VAT biannually, in accordance with paragraph 31 of the VAT-laws, and have longer reporting deadlines.

Activity (NACE rev. 2)

96 Other personal service activities

The classification of spas and geothermal baths was harmonised in the beginning of 2021. Now these activities are classified with '96.04.0 Physical well-being activities'.

Foreign enterprices liable to VAT in Iceland

according to section 35 in the Act on VAT (50/1988).

VAT-rate

Total

Some services are exempt from VAT, e.g. public transport, medical services, athletic activities, museums, postal services, and lotteries. The suppliers of such services cannot charge VAT or get credit for input VAT on purchases for the exempt business.
Deitaled information on VAT can be found at the Directorate of Internal Revenue.

Zero VAT-rate

A zero-rated supply falls within the scope of the VAT Act, but no output VAT is charged since the rate is zero. This category includes export of goods and services and contractual payments from the Treasury regarding milk production and sheep farming.

Lower VAT-rate

The lower VAT-rate is now 11%. Examples of goods and services in this category include: books, newspapers, house-heating, food, restaurants, accommodation services, and domestic passenger transport (excluding public transport). Alcoholic beverages are subject to the lower VAT-rate since 1 January 2016.

Standard VAT-rate

The higher VAT-rate, or standard rate, is now 24%. All goods and services are subject to this rate unless otherwise specified in the Act on VAT (50/1988).