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27. Sep 2019Ministry of Finance and Economic Affairs, Economic affairs and public finances, Other

Third meeting of the Financial Stability Council in 2019

NOTE: This article is more than 5 years old. 27 September 2019 / Ministry of Finance and Economic Affairs Third meeting of the Financial Stability Council in 2019 The Financial Stability Council held its third meeting in 2019 on Thursday, September 26. Growth prospects in the global economy have worsened and uncertainty in international markets has increased since the last meeting of the Financial Stability Council

06. Sep 2019Ministry of Finance and Economic Affairs, Economic affairs and public finances

Fiscal budget proposal for 2020: Strong investment and tax reductions

The fiscal budget proposal for 2020 is introduced today and will be presented before Parliament on Tuesday 10 September 2019. The introduction has not previously taken place in as timely a manner prior to the first round of discussions. The purpose is to accede to the wishes of members of Parliament for more advance notice to acquaint themselves with the topic.

24. May 2019Ministry of Finance and Economic Affairs, Economic affairs and public finances

Fitch ratings upgrades Iceland´s ST ratings to F1+; affirms LT ratings at A stable

Today Fitch ratings has published a new report on Iceland´s sovereign ratings. Iceland´s Short-Term (ST) foreign- and local currency ratings are upgraded to F1+ from F1, in line with the agency´s publication from 3rd of May. Iceland´s Long-Term (LT) ratings are affirmed at A with stable outlooks. Iceland´s country ceiling was also raised from A to A+, due to the almost full lifting of capital controls.

23. Mar 2019Ministry of Finance and Economic Affairs, Economic affairs and public finances

Fiscal Strategy Plan for 2020-2024: Increased resilience in the economy

The fiscal strategy for the years 2020-2024 reflects the strong position and discipline in government finances in a slower-paced economy. The strategy is a key factor in the important task of co-ordinating public finances, monetary policy and labour market developments to maintain economic stability and the prosperity people in Iceland are currently experiencing

04. Mar 2019Economic affairs and public finances, Ministry of Finance and Economic Affairs

Removal of capital controls on holders of offshore krónur and reduction of special reserve requirement on capital inflows

Act no. 14/2019, which amends the Foreign Exchange Act, no. 87/1992, and the Act on the Treatment of Króna-Denominated Assets Subject to Special Restrictions, no. 37/2016, was published in the Law and Ministerial Gazette (Stjórnartíðindi) on 4 March 2019; cf. the notice on the Law and Ministerial Gazette website. The amendments entailed in the Act were announced in a press release posted on the Central Bank website on 7 December 2018, when the bill of legislation was introduced. The Act will enter into force tomorrow, 5 March 2019.

19. Feb 2019Ministry of Finance and Economic Affairs, Economic affairs and public finances

Tax burden on people in the lowest income group reduced

The tax burden on persons in the lowest income group would be reduced by 2 percentage points if the changes to the tax system which the government is proposing are adopted. These changes are in line with the government’s policy declaration of February 2018. In particular, they would improve the position of women, people aged 18-24, people aged 25-34, persons with disabilities, senior citizens, and those who do not own their own homes or who receive housing supplements.

15. Jan 2019Legislation, Ministry of Finance and Economic Affairs, Acts of Parliament

Regulation No. 1202/2016, on deduction from the income of foreign experts

15 January 2019 / Ministry of Finance and Economic Affairs Regulation No. 1202/2016, on deduction from the income of foreign experts Regulation No. 1202/2016, on deduction from the income of foreign experts(last updated 2017) Tags Ministry of Finance and Economic Affairs Acts of Parliament Go back Disclaimer: This section of the site details available translations on legislation relating to the Government Offices in Iceland

10. Dec 2018Ministry of Finance and Economic Affairs, Economic affairs and public finances, Operations and state assets

White Paper on a Future Vision for the Financial System

A good regulatory framework and robust supervision, efficient banking operations and sound ownership of financial undertakings are the three main pillars which must shape the future vision of the Icelandic financial system. This is the conclusion of the working group appointed in February to prepare a White Paper on the financial system.

07. Dec 2018Ministry of Finance and Economic Affairs, Economic affairs and public finances

Amending bill of legislation on liberalisation of capital controls on offshore króna holders and implementation of special reserve requirement on capital inflows

This morning the Government agreed to present to Parliament a bill of legislation from the Minister of Finance and Economic Affairs, which provides for amendments to the Act on the Treatment of Króna-Denominated Assets Subject to Special Restrictions, no. 37/2016, and the Foreign Exchange Act, no. 87/1992.

14. Nov 2018Reports, Ministry of Finance and Economic Affairs

IMF Executive Board completes Article IV Consultation on Iceland - Reports

14 November 2018 / Ministry of Finance and Economic Affairs IMF Executive Board completes Article IV Consultation on Iceland - Reports The Executive Board of the International Monetary Fund completed its Article IV Consultation on the status and outlook for the Icelandic economy on Friday November 9 Reports: Iceland 2018 Article IV Consultation - Press Relase;Staff Report; Staff Supplement; and Statement by the Executie Director for Iceland Iceland - Selected Issues: This paper on Iceland was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on October 29, 2018. Tags Ministry of Finance and Economic Affairs Go back

06. Nov 2018Legislation, Economic affairs and public finances, Ministry of Finance and Economic Affairs, Acts of Parliament

Public Finance Act

06 November 2018 / Ministry of Finance and Economic Affairs Public Finance Act Public Finance Act Nr. 123/2015(last updated 2016) Tags Economic affairs and public finances Ministry of Finance and Economic Affairs Acts of Parliament Go back Disclaimer: This section of the site details available translations on legislation relating to the Government Offices in Iceland. In case of any discrepancies between the translations and the original text in Icelandic, the original text as published in the Icelandic Legal Gazette prevails

11. Oct 2018Ministry of Finance and Economic Affairs, Economic affairs and public finances

Government accounts 2017

The results of the Government accounts for 2017 have now been published and the accounts sent to Parliament. The accounts show a surplus of ISK 39bn, showing Iceland’s strong fiscal position. Revenues totalled ISK 783bn and operating expenditures ISK 711bn. Net financial expense was negative in the amount of ISK 74bn, and the share in earnings of Government-owned companies was positive by ISK 40bn.

21. Sep 2018Operations and state assets, Economic affairs and public finances, Ministry of Finance and Economic Affairs

Intent to establish a sovereign wealth fund in Iceland

The authorities intend to establish a sovereign wealth fund, the National Fund of Iceland. The purpose of the Fund will primarily be to serve as a sort of disaster relief reserve for the nation, when the Treasury suffers a financial blow in connection with severe, unforeseen shocks to the national economy, either due to a plunge in revenues or the cost of relief measures that the government has considered unavoidable to undertake.

10. Sep 2018Ministry of Education and Children, Ministry of Finance and Economic Affairs, Ministry of Industries, Ministry of Infrastructure, Prime Ministers Office, Ministry of the Environment, Energy and Climate, Ministry of the Environment٫ Energy and Climate

Iceland launches new Climate Strategy, boosting efforts to reach Paris goals

The Icelandic Government today announced a new Climate Strategy, intended to boost efforts in cutting net emissions. The new measures are to help Iceland meet its Paris Agreement targets for 2030 and reach the government‘s ambitious aim to make Iceland carbon neutral before 2040.