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This guide provides an overview of VAT in Iceland, including applicable rates, registration requirements, compliance obligations, and filing deadlines. It is designed for businesses engaging in transactions within Iceland.
Iceland applies a reduced VAT on essentials like food but slaps 25.5% on alcohol, which is among the highest globally.
Foreign businesses that incur VAT on eligible expenses in the Iceland may be able to reclaim it.
Processing times for a Iceland VAT refund can vary. Businesses reclaiming a VAT refund in Iceland can expect it to take anywhere from a few months to a year, depending on the claim complexity and submission accuracy.
Yes, only original invoices are allowed for an Iceland VAT refund and copies of invoices are not accepted for a VAT refund in Iceland.
The deadline for annual Iceland VAT refund claims is 30 June. However, the Iceland VAT Authority allows for claims to be made for a period of 2 months, which must be submitted at least 15 days after the end of the relevant period. Additionally, invoices can be claimed in a VAT refund in Iceland for a period up to 6 years from the invoice date.
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