Personal tax credits
Every taxpayer of 16 years and older is entitled to personal tax credits of ISK 655,538 for the year 2020 (ISK 54,628 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.