The Government of Iceland has issued a release on the presentation of the 2021 budget. With respect to taxation, the release notes a lighter tax burden in 2021 as follows:
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A lighter tax burden
Next year, taxation will be some ISK 34bn lower in 2021 than it would have been without the Government’s tax cuts from 2017. Furthermore, the special pandemic response measures reduce Treasury revenues by more than ISK 17bn in 2021; therefore, taxes in 2021 will be a total of approx. ISK 52bn l…