Iceland's Directorate of Internal Revenue (RSK) has published the rate of individual income and municipal tax and brackets for the income year 2015.

• up to ISK 3,709,680 per year - 37.30%
• over ISK 3,709,680 to 10,036,848 per year - 39.74%
• over ISK 10,036,848 per year - 46.24%

Taxable income is salary less the pension fund premium (4% - 8% of salary) A personal tax credit also applies, which …