geiri Posted November 3, 2009 Share Posted November 3, 2009 Taxes in Iceland are called VSK (Virðisaukaskattur) they work both ways in and out When you buy something you pay the tax when you sell it you get the tax back.There are 3 steps 7%, 14% and 24.5%Taxes are not included when selling out of the country.Internal Revenue Servicehttp://www.rsk.is/international/en Link to comment Share on other sites More sharing options...
Matthieu Biart Posted November 5, 2009 Share Posted November 5, 2009 Hi geiri!Thank you for those usefull information.What about voucher, shipping and handling taxes?Moreover do your local legislation require extra data on invoice or during the order process? Link to comment Share on other sites More sharing options...
isiminn Posted February 18, 2010 Share Posted February 18, 2010 Iceland, not being a member of EU, has a number of special regulations. Some are :VAT is always included in the price of each item and is 25,5% as of January 1st 2010. Invoices need to have the total amount of VAT shown. VAT of 25,5% is the most commonly used. VAT of 7% is also used but mainly for food related items.Invoice numbering:Sales invoices should be squentially numbered. This can be done by approved software assigning the numbers. Using Excel to make an invoice is illegal unless you get a print shop to make pre numbered invoice forms and print on them.Editing invoices:Once an invoice has been sent to the customer it must not be possible to alter it. Any change after that must be done via credit memos. Date:Invoices must show the invoice date. Archiving:All invoices must be kept safe and available for 7 years. This can be done physically on paper or in a computer system. Link to comment Share on other sites More sharing options...
Matthieu Biart Posted March 15, 2010 Share Posted March 15, 2010 Hi isiminn!Thank you for your complete invoice management report.Concerning taxes, does any of them applying to vouchers, shipping cost or handling cost? Link to comment Share on other sites More sharing options...
isiminn Posted April 1, 2010 Share Posted April 1, 2010 Vouchers and shipping cost do not carry vat.Handling cost is rarely charged except maybe for large orders being sent abroad. Link to comment Share on other sites More sharing options...
Matthieu Biart Posted April 2, 2010 Share Posted April 2, 2010 Hi isiminn!Thank you for your contribution. Link to comment Share on other sites More sharing options...
isiminn Posted November 10, 2010 Share Posted November 10, 2010 Just so that there is no misunderstanding;Shipping abroad carries no VATShipping in Iceland carries VAT Link to comment Share on other sites More sharing options...
runarpet Posted May 9, 2011 Share Posted May 9, 2011 Shipping with the national post office does not Carrie VAT, it only carries VAT if you take it with a tracking-number and insurance Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now