Iceland: Proposed Tax Increase Aimed at Tourists

By Larry Habegger and Laurie Weed | Permalink | No Comments | September 12th, 2012 | Trackback

The government is considering an astronomical tax hike on services primarily used by tourists, including hotel accommodations, restaurant meals and attractions. If approved, the proposed increase in VAT (value-added tax), from 7 percent up to 25.5 percent, would go into effect May 1, 2013. An outcry is expected from the tourism industry, particularly from tour operators who have already booked trips for next year and cannot absorb the additional cost.

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