Import Regulations – Iceland

In 2008 two-way trade between Iceland and Australia totalled A$31 million. Major imports from Iceland totalled A$25 million, including plastic plates, animal oils, fats, medicaments and sheets. Major exports to Iceland totalled under A$6 million, including alcoholic beverages, aluminium and pumps for liquids and parts.

Tariffs and non-tariff barriers
All EU commercial legislation and directives take effect in Iceland. Here standard restrictions apply on the import of firearms, dangerous substances, pharmaceuticals, live animals, etc.

Taxation
Resident companies in Iceland and Icelandic branches of foreign resident companies are liable for corporate income tax (national income tax) on their net earnings. As in other European countries Icelandic taxation is based on the same principles. The corporate tax rate is 17 per cent, whilst International Trading Companies, registered in Iceland but engaged in trading that does not involve Iceland, are liable for five per cent corporate income tax.