IS · EuropeMX · Americas
Iceland vs Mexico: tax rates compared
Between the two, Iceland's income tax rate (46.3%) tops Mexico's (35%) by 11.3pp. The 200-country average is 28%: both sit above it.
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 | IS | MX | Difference |
|---|---|---|---|
| Income Tax | 46.3% | 35% | IS +11.3 pp |
| Corporate Tax | 20% | 30% | MX +10 pp |
| VAT | 24% | 16% | IS +8 pp |
| Capital Gains Tax | 22% | 10% | IS +12 pplargest gap |
| 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 |
| Mexico | 35% | Source: OECD Tax Database — Top statutory personal income tax rates · as of 2025-01-01 |
| Difference | +11.3 pp | Iceland higher |
Corporate Tax
| Country | Rate | Source |
|---|---|---|
| Iceland | 20% | Source: Tax Foundation — Worldwide Corporate Tax Rates · as of 2025-01-01 |
| Mexico | 30% | Source: Tax Foundation — Worldwide Corporate Tax Rates · as of 2025-01-01 |
| Difference | −10 pp | Mexico higher |
Between the two, Mexico's corporate tax rate (30%) tops Iceland's (20%) by 10pp. The 201-country average is 22.6%: Iceland sits below it, Mexico sits above it.
VAT
| Country | Rate | Source |
|---|---|---|
| Iceland | 24% | Source: PWC Worldwide Tax Summaries — Iceland (Corporate, Other taxes) · as of 2026-06-22 |
| Mexico | 16% | Source: PWC Worldwide Tax Summaries — Mexico (Corporate, Other taxes) · as of 2026-02-24 |
| Difference | +8 pp | Iceland higher |
Between the two, Iceland's VAT rate (24%) tops Mexico's (16%) by 8pp. The 181-country average is 15%: both sit above it.
Capital Gains Tax
| Country | Rate | Source |
|---|---|---|
| Iceland | 22% | Source: Skatturinn (Iceland Revenue and Customs) — Key rates and amounts 2026 · as of 2026-01-01 |
| Mexico | 10% | Source: PwC Worldwide Tax Summaries — Mexico (Individual, Income determination) · as of 2026-01-30 |
| Difference | +12 pp | Iceland higher |
Between the two, Iceland's capital gains tax rate (22%) tops Mexico's (10%) by 12pp. The 175-country average is 10.3%: Iceland sits above it, Mexico sits below it.
Wealth Tax
| Country | Rate | Source |
|---|---|---|
| Iceland | 0% | Source: PWC Worldwide Tax Summaries — Iceland (Individual, Other taxes) · as of 2026-06-22 |
| Mexico | 0% | Source: PWC Worldwide Tax Summaries — Net wealth/worth tax rates (quick chart) · as of 2026-02-24 |
| Difference | 0 pp | displayed rates match |
There's no gap here — Iceland and Mexico both post a wealth tax rate of 0%. The 193-country average is 0.1%: both sit below it.
Not covered for both countries yet: Crypto Tax.