Full text: Iceland 1930

letters of licence; school fees; the motor vehicle tax; and the excise 
duties on those articles of home manufacture, that, if imported from 
abroad, are subject to costums duties. 
Among the taxes, those on income and property are by far the 
most important and yielded in 1928 1107 thousand krénur. Of 
this amount almost one-sixth was represented by the property tax, 
and rather more than five-sixths by the income tax. The income tax is 
divided into: 1) a tax on personal income, and 2) a tax upon the pro- 
fits of companies. The income tax is graduated: The tax on the first 
500 krénur of assessable income is 0.6 per cent; on the next 500 
krénur, 0.8 per cent; on the next 1000 krénur 1.5 per cent.; and thus the 
taxpercentage gradually ascends for the following portions, so that 26 
per cent. are payable on a portion which exceeds one hundred thousand 
krénur. In the case of taxable incomes abatements and allowances are 
made for the ratepayer himself, his wife, children, and dependent 
relatives, 500 krénur for each. — The companies tax is assessable 
upon that part of the profits which exceeds four per cent. of the share 
capital. The rate of taxation gradually rises according to the size of 
the profits in proportion to the share capital, from five per cent. (on 
assessable profits amounting to less than two per cent. of the share 
capital) up to 30 per cent. on that portion of the profits which exceeds 
50 per cent. of the share capital. From that part of the profits which 
the company may pass to a reserve fund, the law allows a deduction 
free of tax of one-third of such an amount, which must be deducted 
before the tax is assessed. As shareholders, too, are taxed on their 
dividends, this tax is in reality a double tax. 
The property tax is also graduated. The first 5000 krénur are ex- 
empt from tax. On the next 10000 krénur one per thousand is pay- 
able; on the next 5000 krénur 1.2 per thousand, and so on up to 7 
per thousand on that part of the property which exceeds 1000000 
krénur in value. 
By law of 1928 the income and property tax was raised by 25% 
on all incomes of over 4000 krénur. This measure is to remain in 
force to the close of 1930. 
The tax upon real estate is payable on the assessed property value 
on the basis of decennial assessments. This tax, which is equivalent 
to 3 per thousand of the ground value, and 1.5 per thousand of the 
building value, amounted in 1928 to 260 thousand krénur. 
Tonnage dues of 1.50 krénur per each registered ton are imposed on

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