Individual - Other tax credits and incentives

Last reviewed - 30 June 2023

Personal tax credits

Every taxpayer of 16 years and older is entitled to personal tax credits of ISK 715,981 for the year 2023 (ISK 59,665 per month). Should a person move to or from Iceland, one will receive personal tax credits for the period they resided in Iceland. The period is calculated in days.

Unused personal tax credits are transferable in full between married couples and cohabitants within the calendar year.