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

Information

Unit
ISK million
Contact
Sigrún Halldórsdóttir
Latest update
5/20/2020
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.
VAT-rate
Ýmiss konar þjónusta er að öllu leyti undanskilin virðisaukaskatti skv. 2. grein laga um virðisaukaskatt. Veltu í þess konar þjónustu á ekki að telja með í virðisaukaskattskýrslum og ekki er hægt að fá endurgreiddan þann virðisaukaskatt sem rekstraraðilar hafa greitt í tengslum við þessa þjónustu. Eðli máls samkvæmt er þjónusta af þessu tagi ekki talin með í hagtölum um veltu skv. virðisaukaskattskýrslum. Sem dæmi um þjónustu sem er undanþegin virðisaukaskatti má nefna almenningssamgöngur, aðra áætlunarflutninga innanlands, læknisþjónustu, íþróttastarfsemi, happdrætti og fasteignasölu.
VAT-rate
Ítarlegar upplýsingar um virðisaukaskatt má finna á heimasíðu Ríkisskatstjóra.
VAT-rate
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).