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Europe > Iceland

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Cover IMF Working Papers
Allocating Business Income between Capital and Labor under a Dual Income Tax: The Case of Iceland
Ms. Thornton Matheson
and
Mr. Pall Kollbeins
In contrast to most Scandinavian countries, Iceland allocates the income of closely held businesses (CHBs) between capital and labor based on administratively set minimum wages rather than an imputed return to book assets.  This paper  contrasts the relative tax burdens of the current minimum wage system with asset-based allocation methods, and finds that switching to an asset-based method could increase tax revenues from CHBs in a generally progressive manner.  Predictably, the shift would also raise the tax burden of skilled labor-intensive industries more than it would that of capital-intensive industries.
Keywords:
WP; wage; minimum wage; CHB owner; Dual income tax; small business taxation; wage income; capital income; CHB income; business owner; Income; Capital income; Personal income tax; Minimum wages
Cover IMF Staff Country Reports
Iceland: Advancing Tax Reform and the Taxation of Natural Resources
International Monetary Fund
This study focused on environmental tax measures, and on allocation, pricing, and taxation of Iceland’s major hydropower and geothermal resources. Measures to secure the tax base for the corporate income tax (CIT) are proposed. Taxation of the financial sector can be improved by a number of measures. The measures that increase fiscal levies on energy-intensive industries should be avoided. The proposals in this paper aim at efficiency and equity in the tax system rather than revenue growth.
Keywords:
ISCR; CR; income tax; property tax; tax rate; withholding tax; excise tax; wealth tax; carbon tax; cash flow; natural resources; value-added tax; Income; Income and capital gains taxes; Value-added tax; Income tax systems; Capital income tax; Europe
Cover IMF Working Papers
Tax Revenue Response to the Business Cycle
Ms. Cemile Sancak
,
Jing Xing
, and
Ricardo Velloso
This paper examines tax revenue during the business cycle by estimating the relationship between tax revenue efficiency and the output gap. We find a positive and significant relationship between these variables; results are consistent for quarterly and annual data, and across advanced and developing economies. We also find that a worsening (improvement) in the VAT C-efficiency is driven by shifts in consumption patterns and changes in tax evasion during contractions (expansions). A key implication is that, particularly during major economic booms and downturns, policy makers should look beyond simple, long-run revenue elasticities and incorporate into their analysis the effects of the economic cycle on tax revenue efficiency.
Keywords:
WP; tax revenue; output gap coefficient; tax revenue forecasting; business cycle; tax revenue efficiency; C-efficiency; VAT elasticity; VAT C-efficiency; estimation result; output gap variable; Value-added tax; Output gap; Tax efficiency; Consumption; Baltics
Cover IMF Staff Country Reports
Iceland: Selected Issues
International Monetary Fund
This Selected Issues paper reports on the technical aspects of the model-based inflation forecasts of the Central Bank of Iceland (CBI) and the monetary transmission mechanism in Iceland. The paper summarizes the structure and results of time series models employed by the CBI to forecast inflation and quantify lags in the transmission of monetary policy changes. The paper also briefly discusses recent inflation trends, including the IMF staff’s estimate of the exchange rate pass-through. The paper presents some remarks on potential distortions in the financial market pass-through of monetary policy changes.
Keywords:
ISCR; CR; tax rate; Iceland; price; wealth tax; income tax; inflation development; B. inflation forecast; I. inflation forecasting; transmission mechanism; wealth surtax; Corporate income tax; Inflation; Exchange rate pass-through; Corporate taxes; Personal income; Europe; liquidity provision; publication policy; financial market pass-through; Exchange rate adjustments
Cover The Impact of the European Community's internal Market on the EFTA
The Impact of the European Community's internal Market on the EFTA
Occa Paper No.74
International Monetary Fund

Abstract

This paper provides an overview of the likely impact of the creation of the European Community (EC) internal market on the European Free Trade Association (EFTA) members. The focus is on the four freedoms and the institutional and legal changes required for increased economic cooperation between the EC and EFTA. Although not formally part of the negotiations, certain tax issues are also raised. The paper is in ten parts and includes a summary and glossary. The paper also discusses the institutional and legal changes that may prove necessary for greater EC-EFTA cooperation and the implications of the internal market for trade, production, and resource allocation in the EFTA countries. It examines issues related to trade in goods-mainly industrial goods-and transport services and considers issues of labor mobility and trade in financial services. Changes would also appear desirable in the areas of industrial and intellectual property rights-notably counterfeiting, trademarks, copyrights, and patents.

Keywords:
OP; EFTA country; country; EFTA member; EC country; firm; EC-EFTA cooperation; EC-EFTA relation; Transportation; Monetary unions; Value-added tax; Exchange rates; Western Europe; Europe; Southern Europe; Global