Iceland Individual Income Tax Brackets/Rates and Social Security for 2019

Iceland's individual income tax brackets and rates are as follows for 2019:

• up to ISK 11,125,045 (ISK 927,087per month) - 36.94%
• over ISK 11,125,045 (ISK 927,087per month) - 46.24%

As compared to 2018, the upper/lower bracket threshold is increased, while the rates remain the same, including the lower and upper state income tax rates of 22.5% and 31.8% and the average municipal rate of 14.44%. The personal allowance for individuals is ISK 677,358 for 2019, or ISK 56,447 per month.

For soc…