Business Reforms in Iceland
= Doing Business reform making it easier to do business. = Change making it more difficult to do business.
Starting a Business: Iceland made starting a business easier by offering faster online procedures.
Registering Property: Iceland made transferring property more costly by increasing the stamp duty rate.
Paying Taxes: Iceland made paying taxes easier for companies by reducing employers’ social security contribution rate and abolishing the weight distance tax—though it also introduced a new rehabilitation fund contribution.
Paying Taxes: Iceland increased the corporate income tax rate.
Protecting Minority Investors: Iceland strengthened investor protections by introducing new requirements relating to the approval of transactions between interested parties.
Paying Taxes: Iceland made paying taxes easier and less costly for firms by abolishing a tax.
Dealing with Construction Permits: Iceland made dealing with construction permits more costly by increasing the fees to obtain the design approval and receive inspections.
Paying Taxes: Iceland increased the corporate income tax rate from 15% to 18% and raised social security and pension contribution rates.
Paying Taxes: Iceland made paying taxes less costly for companies by reducing the corporate income tax rate.
Protecting Minority Investors: Iceland strengthened investor protections by requiring greater disclosure in the annual report to shareholders.