GM · AfricaIS · Europe
Gambia vs Iceland: tax rates compared
Iceland has an income tax rate of 46.3%, 21.3pp above Gambia's 25%. The 200-country average is 28%: Gambia sits below it, Iceland sits above it. Gambia's figure is dated 2018-01-01 and Iceland's 2025-01-01, so the two rates come from different data vintages.
Verified data covers five of the six tracked tax types for both countries; every rate below is cited to its source and dated.
At a glance
| Tax | GM | IS | Difference |
|---|---|---|---|
| Income Tax | 25% | 46.3% | IS +21.3 pplargest gap |
| Corporate Tax | 27% | 20% | GM +7 pp |
| VAT | 15% | 24% | IS +9 pp |
| Capital Gains Tax | 15% | 22% | IS +7 pp |
| Wealth Tax | 0% | 0% | match |
Income Tax
| Country | Rate | Source |
|---|---|---|
| Gambia | 25% | Source: Gambia Revenue Authority — Personal Income Tax · as of 2018-01-01 |
| Iceland | 46.3% | Source: OECD Tax Database — Top statutory personal income tax rates · as of 2025-01-01 |
| Difference | −21.3 pp | Iceland higher |
Corporate Tax
| Country | Rate | Source |
|---|---|---|
| Gambia | 27% | Source: Tax Foundation — Worldwide Corporate Tax Rates · as of 2025-01-01 |
| Iceland | 20% | Source: Tax Foundation — Worldwide Corporate Tax Rates · as of 2025-01-01 |
| Difference | +7 pp | Gambia higher |
Gambia has a corporate tax rate of 27%, 7pp above Iceland's 20%. The 201-country average is 22.6%: Gambia sits above it, Iceland sits below it.
VAT
| Country | Rate | Source |
|---|---|---|
| Gambia | 15% | Source: Gambia Revenue Authority — Domestic Taxes FAQs · as of 2026-01-01 |
| Iceland | 24% | Source: PWC Worldwide Tax Summaries — Iceland (Corporate, Other taxes) · as of 2026-06-22 |
| Difference | −9 pp | Iceland higher |
Iceland has a VAT rate of 24%, 9pp above Gambia's 15%. The 181-country average is 15%: Gambia matches the world average, Iceland sits above it.
Capital Gains Tax
| Country | Rate | Source |
|---|---|---|
| Gambia | 15% | Source: Gambia Revenue Authority — Domestic Taxes FAQs · as of 2026-07-19 |
| Iceland | 22% | Source: Skatturinn (Iceland Revenue and Customs) — Key rates and amounts 2026 · as of 2026-01-01 |
| Difference | −7 pp | Iceland higher |
Iceland has a capital gains tax rate of 22%, 7pp above Gambia's 15%. The 175-country average is 10.3%: both sit above it.
Wealth Tax
| Country | Rate | Source |
|---|---|---|
| Gambia | 0% | Source: Gambia Revenue Authority · as of 2026-07-18 |
| Iceland | 0% | Source: PWC Worldwide Tax Summaries — Iceland (Individual, Other taxes) · as of 2026-06-22 |
| Difference | 0 pp | displayed rates match |
Gambia and Iceland share the same wealth tax rate: 0%. The 193-country average is 0.1%: both sit below it.
Not covered for both countries yet: Crypto Tax.