IS · EuropeMG · Africa
Iceland vs Madagascar: tax rates compared
Iceland has an income tax rate of 46.3%, 21.3pp above Madagascar's 25%. The 200-country average is 28%: Iceland sits above it, Madagascar sits below it. Iceland's figure is dated 2025-01-01 and Madagascar's 2026-01-01, so the two rates come from different data vintages.
Verified data covers four of the six tracked tax types for both countries; every rate below is cited to its source and dated.
At a glance
| Tax | IS | MG | Difference |
|---|---|---|---|
| Income Tax | 46.3% | 25% | IS +21.3 pplargest gap |
| Corporate Tax | 20% | 20% | match |
| VAT | 24% | 20% | IS +4 pp |
| Wealth Tax | 0% | 0% | match |
Income Tax
| Country | Rate | Source |
|---|---|---|
| Iceland | 46.3% | Source: OECD Tax Database — Top statutory personal income tax rates · as of 2025-01-01 |
| Madagascar | 25% | Source: Ministère de l'Économie et des Finances (Madagascar) — Loi n° 2025-021 portant Loi de Finances pour 2026, Article 01.03.16 · as of 2026-01-01 |
| Difference | +21.3 pp | Iceland higher |
Corporate Tax
| Country | Rate | Source |
|---|---|---|
| Iceland | 20% | Source: Tax Foundation — Worldwide Corporate Tax Rates · as of 2025-01-01 |
| Madagascar | 20% | Source: Tax Foundation — Worldwide Corporate Tax Rates · as of 2025-01-01 |
| Difference | 0 pp | displayed rates match |
Iceland and Madagascar share the same corporate tax rate: 20%. The 201-country average is 22.6%: both sit below it.
VAT
| Country | Rate | Source |
|---|---|---|
| Iceland | 24% | Source: PWC Worldwide Tax Summaries — Iceland (Corporate, Other taxes) · as of 2026-06-22 |
| Madagascar | 20% | Source: PWC Worldwide Tax Summaries — Madagascar (Corporate, Other taxes) · as of 2025-11-18 |
| Difference | +4 pp | Iceland higher |
Iceland has a VAT rate of 24%, 4pp above Madagascar's 20%. The 181-country average is 15%: both sit above it. Iceland's figure is dated 2026-06-22 and Madagascar's 2025-11-18, so the two rates come from different data vintages.
Wealth Tax
| Country | Rate | Source |
|---|---|---|
| Iceland | 0% | Source: PWC Worldwide Tax Summaries — Iceland (Individual, Other taxes) · as of 2026-06-22 |
| Madagascar | 0% | Source: PWC Worldwide Tax Summaries — Net wealth/worth tax rates (quick chart) · as of 2025-11-18 |
| Difference | 0 pp | displayed rates match |
Iceland and Madagascar share the same wealth tax rate: 0%. The 193-country average is 0.1%: both sit below it. Iceland's figure is dated 2026-06-22 and Madagascar's 2025-11-18, so the two rates come from different data vintages.
Not covered for both countries yet: Capital Gains Tax, Crypto Tax.