Iceland Revenue and Customs has published the key rates and amounts for 2024 (English), which includes the personal income tax changes in 2024. This includes the following monthly brackets and rates:
- up to ISK 446,136 - 31.48%
- ISK 446,137 to 1,252,501 - 37.98%
- over ISK 1,252,501 - 46.28%
The above rates include an average municipal tax rate of 14.93%. Another related change is that the annual personal discount is increased to ISK 779,112 in 2024, up from ISK 715,981 in 2023. Further, the …