skattbreytinga

skattbreytinga refers to tax reforms or changes in the Icelandic tax system. Iceland has undergone several significant tax reforms throughout its history, often in response to economic challenges or political changes. The country's tax system is characterized by a combination of income tax, value-added tax, and various other levies. In recent decades, Iceland has implemented reforms aimed at simplifying the tax code, broadening the tax base, and improving compliance. One notable reform occurred in the early 2000s when Iceland lowered corporate tax rates to attract foreign investment. Following the 2008 financial crisis, additional tax measures were introduced to stabilize the economy and reduce budget deficits. These included temporary increases in certain taxes and the introduction of new levies on financial institutions. The Icelandic tax system continues to evolve as the government seeks to balance revenue needs with economic competitiveness. Tax policy remains a subject of political debate, with different parties advocating for various approaches to taxation and public spending.