The Government of Iceland announced on 21 April 2020 the second phase of the economic response package to the COVID-19 crisis. One of the tax measures is that companies will be authorized to carry back up to ISK 20 million in foreseeable year-2020 losses to offset income tax on 2019 profits.
Another important measure is the prioritization of innovation with increased investments and higher reimbursement for research and development (R&D). Although details are limited in the announcemen…