Hver eru virðisaukaskattsþrepin á Íslandi?

Almenna virðisaukaskattsþrepið á Íslandi er 24% og gildir um flesta almenna vöru- og þjónustusölu. Lægra þrepið er 11% og nær yfir matvæli, gistingu, bækur, rafbækur, heitt vatn, rafmagn og ferðaþjónustu samkvæmt lögum nr. 50/1988.

Hvernig er virðisaukaskattur reiknaður af heildarverði (útskattur)?

Til að finna VSK út úr heildarverði með 24% skatti er heildarupphæðin margfölduð með 0,1935 (eða deilt með 1,24). Fyrir 11% VSK er margfaldað með 0,0991 (eða deilt með 1,11).

Hver er lágmarksupphæð til að fá endurgreiddan VSK (Tax-Free) fyrir erlenda ferðamenn?

Kaupverð á einni og sömu sölukvittun verður að vera að lágmarki 12.000 kr. með VSK til að hægt sé að sækja um Tax-Free endurgreiðslu á Keflavíkurflugvelli eða Seyðisfirði.

Hvernig eru tollar og innflutningsgjöld reiknuð við sendingu til Íslands?

Innflutningsgjöld reiknast af CIF-tollverði (verð vöru + trygging + flutningskostnaður). Fyrst er tollur lagður á CIF-verðið og síðan 24% VSK ofan á samtölu CIF-verðs, tolls og afgreiðslugjalds flutningsaðila.

Formulas & Accounting Act No. 50/1988 2026 Fiscal Year

How to Calculate VAT in Iceland: Step-by-Step Formulas and Mathematical Guide

Master Icelandic Value Added Tax calculations: Standard 24%, reduced 11%, reverse VAT extraction formulas (19.35% / 9.91%), and multi-rate invoicing rules.

Author: Icelandic Tax & Accounting Editorial Board Jurisdiction: Iceland (Skatturinn) Reading Time: 10 min read

Core Mathematical Formulas for Iceland VAT

Adding 24% VAT: Multiply net amount by 1.24 (or net × 0.24 for tax only).
Adding 11% VAT: Multiply net amount by 1.11 (or net × 0.11 for tax only).
Extracting 24% VAT: Multiply gross amount by 19.3548% (24 / 124).
Extracting 11% VAT: Multiply gross amount by 9.9099% (11 / 111).

1. Mathematical Principles of Icelandic VAT

Calculating Value Added Tax in Iceland involves two distinct mathematical procedures depending on whether your starting price is net of VAT (exclusive) or gross of VAT (inclusive). Under Act No. 50/1988, businesses must apply either the standard 24% rate or the reduced 11% rate (see our complete Iceland VAT Rates Guide 2026).

Operation Type	24% Standard Rate Formula	11% Reduced Rate Formula
Adding VAT (From Net)	Net × 1.24	Net × 1.11
VAT Amount from Net	Net × 0.24	Net × 0.11
Extracting VAT from Gross	Gross × (24 / 124) ≈ 19.3548%	Gross × (11 / 111) ≈ 9.9099%
Net Price from Gross	Gross ÷ 1.24	Gross ÷ 1.11

2. Practical Example: Adding 24% VAT

Suppose an Icelandic IT consultancy bills a client for software development services totaling 500,000 ISK exclusive of VAT:

Base Price (Net): 500,000 ISK
VAT Calculation: 500,000 × 0.24 = 120,000 ISK
Total Invoice Amount (Gross): 500,000 + 120,000 = 620,000 ISK

3. The Reverse Extraction Trap: Why 24% ≠ 24% off Gross

A common error made by new business owners is multiplying the gross shelf price by 24% to determine the tax. This produces a mathematically inflated tax amount!

Because the tax was added to a base representing 100%, the gross amount represents 124%. Therefore, the proportion of VAT inside a gross price is 24 / 124 = 19.3548%. For the 11% bracket, the extraction factor is 11 / 111 = 9.9099%.

Universal Icelandic VAT Formula Calculator

Test both forward (add VAT) and reverse (extract VAT) calculations instantly.

Amount (ISK):

VAT Rate:

Direction:

Net Amount (Before Tax): 100,000 ISK

Calculated VAT Portion: 24,000 ISK

Gross Total Amount (Inc. VAT): 124,000 ISK

Frequently Asked Questions (Algengar Spurningar)

❓ How do I round Icelandic VAT on invoices?

Amounts in ISK should be rounded to the nearest whole integer (króna). Half a króna (0.50) is rounded upwards.

❓ What is the VAT rate on mixed supply invoices?

If an invoice includes both 24% items (e.g. wine) and 11% items (e.g. food), each line must clearly display its applicable tax rate and subtotal.

❓ Are foreign currency invoices allowed?

Yes, but the invoice must explicitly state the total VAT payable in Icelandic Króna (ISK) using the official Central Bank exchange rate on the date of supply.

📚 Recommended Related Articles & Interactive Tools:

Iceland VAT Rates Guide 2026 → Complete analysis of standard 24% and reduced 11% VAT rates. VAT on Construction & Real Estate → Real estate rules, leasing opt-in, and labor refunds. Import Duty and VAT Calculator → Calculate landed customs duty and import VAT on imported goods. Common VAT Bookkeeping Mistakes → How to avoid costly rounding errors and audit penalties.

Statutory Disclaimer & Verification: This calculation guide is strictly grounded in Act No. 50/1988 on Value Added Tax and official guidelines published by the Directorate of Internal Revenue (Skatturinn).