For customs clearance of shipments on any given day, the customs value stated in customs declarations must be based on the customs exchange rate, using the official reference exchange rate published by the Central Bank of Iceland on the preceding Monday.

The exchange rate published by the Central Bank of Iceland each Monday applies from the following Tuesday through the following Monday.

If Monday is a public holiday, the customs exchange rate is based on the official reference exchange rate from the preceding business day.

Special Rule for Exports

For exports, the customs exchange rate in effect on the departure date of the means of transport must be used if the customs declaration is submitted and cleared after the departure date.

Express Shipments and Provisional Customs Clearance

For express shipments and provisional customs clearance, the customs tariff and exchange rate in effect on the date shown in the consignment number (the date of arrival) must be used when the declaration is processed.