Turnover of selected activities, by VAT-period, 2008-
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Contact and information

Information

Unit
ISK million
Contact
Sigrún Halldórsdóttir
Latest update
10/26/2021
Reference time
2008-
Matrix
FYR04102
Footnotes

Footnotes

. not applicable
.. not available
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 VAT laws (no. 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.
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
Tourism industries in Iceland (NACE no. 491, 4932, 4939, 501, 503, 511, 5223, 551-553, 561, 563, 771, 7721, 79, 9604)
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
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 law on VAT (Act 50/1988).