At the end of the 2026 tax assessment, a total of 76,098 legal entities were listed in the tax register across Iceland. Of these, 58,071 were companies and partnerships subject to income tax, while 18,027 legal entities were exempt from income tax. A total of 51,358 tax returns had been submitted before the assessment was completed, representing 88.44% of returns. This compares with 87.79% last year. Taxes and charges were estimated for 6,868 legal entities, representing 11.83% of legal entities in the tax register. The corresponding figure last year was 12.22%.

The total amount of taxes and public charges assessed on legal entities was 371,986,834,572 ISK, an increase of 50,724,208,931 ISK, or 15.79%, compared with last year. In addition, innovation companies received refunds totalling 8,129,530,748 ISK for research and development costs. This was 4,001,118,543 ISK less than the amount refunded last year. A further 236,708,683 ISK in tax credits for innovation companies was offset against their assessed income tax. This amount is included in the income tax figure below.

Breakdown of Taxes and Public Charges Assessed on Legal Entities in 2026

Refunds for Research and Development Costs