Iceland

Iceland, a European island, is a country located in the North Atlantic Ocean. The Icelandic population is about 360,000, and the capital city is Reykjavík. The currency is the Icelandic króna (ISK), and the official language is Icelandic.

Althingi, Iceland’s present-day parliament, is one of the world’s oldest existing national assemblies. Founded at Thingvellir in 930 AD, the country’s democratic system of government was completely unique in its day. In 1262, Iceland came under the Norwegian king and, later, at the end of the 14th century, Iceland was brought under Danish rule. Throughout the next two centuries, Iceland was crippled by rampant foreign profiteering, beset by international pirates, and subject to an increasing number of natural disasters. The 18th century marked the most tragic age in Iceland's history. The population sank to about 35,000. The 19th and 20th centuries are marked as stepping stones towards independence, and by 1918 Denmark had recognised Iceland as a fully sovereign state united with Denmark under a common king. Finally, Iceland became an independent republic on 17 June 1944 and has remained as such to this day. Its sovereign is the president, who is voted in general election every four years. The parliament, Althingi, is comprised of 63 individuals voted in general election every four years.

The fish industry (fishing and processing) and the tourism industry are the main economic activities in Iceland. Other important activities include aluminium smelting and agriculture.

PwC Iceland offers a full range of audit and assurance services, tax consulting services, business advisory services, and legal services. Our local offices are based in Reykjavík, Akureyri, Húsavík, Selfoss, and Hvolsvöllur.