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This country note provides an environmental tax and carbon pricing profile for Iceland. It shows environmentally related tax revenues, taxes on energy use and effective carbon rates.
As part of continuing efforts to boost transparency by multinational enterprises (MNEs), Canada, Iceland, India, Israel, New Zealand and the People’s Republic of China signed today the Multilateral Competent Authority agreement for the automatic exchange of Country-by-Country reports (“CbC MCAA”), bringing the total number of signatories to 39 countries. The signing ceremony took place in Beijing, China.
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Iceland has the 13th lowest tax wedge among the 34 OECD member countries in 2015. The country occupied the same position in 2014. The average single worker in Iceland faced a tax wedge of 34% in 2015 compared with the OECD average of 35.9%.
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The tax burden in Iceland increased by 2.8 percentage points from 35.9% to 38.7% in 2014. The corresponding figures for the OECD average were an increase of 0.2 percentage points from 34.2% to 34.4%.
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The VAT revenues in Iceland accounted for 22.8% of total tax revenue in 2012, above the OECD average of 19.5%.
Le Forum mondial sur la transparence et l’échange de renseignements à des fins fiscales a publié une série de rapports sur l’évaluation des systèmes fiscaux en vigueur à Belize, en Finlande, en Islande, à Nauru, en Pologne, au Portugal, en Suède et en Turquie.
Uruguay has signed 7 new agreements providing for the exchange of tax information, showing its willingness to implement the global standards.
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Agreement between Iceland and Grenada for the exchange of information relating to tax matters
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Agreement between Iceland and Antigua and Barbuda for the exchange of information relating to tax matters
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Agreement between Iceland and St. Lucia for the exchange of information relating to tax matters