Fyrirtjaskatts

Fyrirtjaskatts is an Icelandic term that translates to "company tax" or "corporate tax." It refers to the tax levied on the profits of companies operating in Iceland. This tax is a significant source of revenue for the Icelandic government and plays a role in funding public services.

The rate of fyrirtjaskatts can vary over time and is subject to legislative changes. Generally, it is applied to a company's net profit after deductible expenses have been accounted for. The specific rules and regulations governing fyrirtjaskatts are detailed in Icelandic tax law and administered by the Directorate of Internal Revenue (Ríkisskattstjóri). Companies are responsible for accurately calculating their taxable income and remitting the appropriate amount of tax by the established deadlines. International agreements and tax treaties can also influence how fyrirtjaskatts is applied, particularly for companies with cross-border operations. Understanding and complying with the fyrirtjaskatts regulations is a crucial aspect of doing business in Iceland.