Iceland's Ministry of Finance has published the individual income tax rates and brackets for 2017. Changes include a reduction in the number of brackets from three to two (middle bracket removed), a reduction in the lower rate from 22.68% to 22.50%, and a reduction in the municipal tax rate from 14.45% to 14.44%. The changes result in the following tax brackets for 2017:
- up to ISK 10,016,484 (834,707 per month) - 36.94%
- over ISK 10,016,484 (834,707 per month) - 46.24%
The 14.44% municipal…