Iceland's Fiscal Budget Proposal for 2020 was submitted in Parliament on 10 September 2019. One of the main measures of the budget is the amendment of the annual individual income tax brackets and rates, including an additional lower bracket from 2020 as follows:
- up to ISK 3,962,699 - 20.6%
- over ISK 3,962,699 up to ISK 11,125,045 - 22.75%
- over ISK 11,125,045 - 31.8%
Scheduled changes in the lower bracket rates are also proposed from 2021, with the bottom 20.6% bracket reduced to 17.0% and …