Iceland Import Tax Calculator

Planning to import goods into Iceland? Use our Iceland Import Duty Calculator to estimate the total taxes and fees you’ll need to pay, including import duty, VAT, and other applicable charges. Simply enter the product details, declared value, shipping costs, and duty rate to get a quick and accurate breakdown of your import costs. This tool helps individuals and businesses stay informed and avoid unexpected expenses at customs.

Iceland Import Tax Calculator

How to Calculate Import Duty in Iceland

The customs value is usually the CIF value (Cost + Insurance + Freight). Add:

  • Declared product value (in ISK)
  • Freight cost (shipping)
  • Insurance cost (if applicable)
Formula: CIF = Declared Value + Freight + Insurance

Multiply the CIF value by the applicable duty rate. Rates vary by product category.
Check duty rates here.
Formula: Import Duty = CIF × Duty Rate (%)

Most goods are subject to VAT in Iceland (typically 24%). VAT is applied to:

  • CIF value
  • + Import duty
Formula: VAT = (CIF + Import Duty) × 24%

Add import duty and VAT to get the total amount payable upon import.
Formula: Total Tax = Import Duty + VAT

Frequently Asked Questions (FAQs)

CIF stands for Cost, Insurance, and Freight. It is the total value of the goods including their price, shipping cost, and insurance charges. This value is used to calculate import duty and VAT.

The standard VAT rate in Iceland is 24%. A reduced rate of 11% may apply to certain goods like food and books. VAT is applied to the CIF value plus any import duty.

You can find Iceland’s import duty rates on international trade websites like importdutycalculator.com, or by contacting Icelandic customs authorities.

Generally, import duty rates are the same for individuals and businesses. However, businesses may be eligible for VAT refunds or exemptions depending on the nature of the goods and their business activity.

Yes, gifts sent from abroad may still be subject to import duty and VAT, depending on their value and category. There are some exemptions for low-value items or personal-use items below a certain threshold.

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