Iceland Publishes Draft Bill Including Temporary Social Security Contribution Reduction and Other Changes

Iceland's Ministry of Finance and Economic Affairs has published a draft bill on amendments to various tax laws and fees. One of the main measures is a temporary reduction in the general social security contribution rate for 2021 from 4.90% to 4.65%. Other measures include the exclusion of government subsidies for certain domestic transport for individual income tax purposes, the introduction of a new minimum tax for certain clean energy vehicles, an extension of the excise duty exemption fo…