Iceland VAT Calculator

In Iceland, the current standard value added tax rate is 24 % and reduced VAT rate is 11%. Upto december 2014, it was 25.5 % and 7 % and the new change came into existence from January 2015. The reduced is applied to services like newspapers, media, foods and hotel accomodation. The standard rate is applicable for general goods and services.

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In Iceland, the current standard value added tax rate is 24 % and reduced VAT rate is 11%. Upto december 2014, it was 25.5 % and 7 % and the new change came into existence from January 2015. The reduced is applied to services like newspapers, media, foods and hotel accomodation. The standard rate is applicable for general goods and services.

Formula:

Add Tax Tax Amount = ( Original Cost * VAT% ) / 100 Net Price = Original Cost + Tax Amount
Remove Tax Tax Amount = Original Cost - ( Original Cost * ( 100 / ( 100 + VAT% ) ) ) Net Price = Original Cost - Tax Amount

The exempted services from tax are now subjected to lower rates. The highest VAT rate was collected in the year 2010 and it was the highest among the European countries.

Example

Find the VAT price and net price in Iceland (GST % is 25.5) for an amount of 25000 kr

Add Tax

Solution :
GST % = 25.5
Amount = 25000

Step 1 :
GST Price = (25000 * 25.5 ) / 100
     = 6375 kr

Step 2 :
Net Price = 25000 + 6375
     = 31375 kr

Hence the VAT Price is 6375 kr and Net Price is 31375 kr

Remove Tax

Solution :
GST % = 25.5
Amount = 25000

Step 1 :
GST Price = 25000 - (25000 * ( 100 / (100 + 25.5)))
                 = 25000 - (25000 * 0.8)
                 = 25000 - 19920.32
                 = 25000 - 19920.32
GST Price = 5079.68 kr

Step 2 :
Net Price = 25000 - 5079.68
                = 19920.32 kr

Hence the VAT Price is 5079.68 kr and Net Price is 19920.32 kr

The exempted services from tax are now subjected to lower rates. The highest VAT rate was collected in the year 2010 and it was the highest among the European countries.


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