IS · EuropeMN · Asia
Iceland vs Mongolia: tax rates compared
Iceland's income tax rate is 26.3pp higher than Mongolia's (46.3% vs 20%). The 200-country average is 28%: Iceland sits above it, Mongolia sits below it. Iceland's figure is dated 2025-01-01 and Mongolia's 2026-06-08, 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 | IS | MN | Difference |
|---|---|---|---|
| Income Tax | 46.3% | 20% | IS +26.3 pplargest gap |
| Corporate Tax | 20% | 25% | MN +5 pp |
| VAT | 24% | 10% | IS +14 pp |
| Capital Gains Tax | 22% | 10% | IS +12 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 |
| Mongolia | 20% | Source: PWC Worldwide Tax Summaries — Mongolia (Individual, Taxes on personal income) · as of 2026-06-08 |
| Difference | +26.3 pp | Iceland higher |
Corporate Tax
| Country | Rate | Source |
|---|---|---|
| Iceland | 20% | Source: Tax Foundation — Worldwide Corporate Tax Rates · as of 2025-01-01 |
| Mongolia | 25% | Source: Tax Foundation — Worldwide Corporate Tax Rates · as of 2025-01-01 |
| Difference | −5 pp | Mongolia higher |
Mongolia's corporate tax rate is 5pp higher than Iceland's (25% vs 20%). The 201-country average is 22.6%: Iceland sits below it, Mongolia sits above it.
VAT
| Country | Rate | Source |
|---|---|---|
| Iceland | 24% | Source: PWC Worldwide Tax Summaries — Iceland (Corporate, Other taxes) · as of 2026-06-22 |
| Mongolia | 10% | Source: PWC Worldwide Tax Summaries — Mongolia (Corporate, Other taxes) · as of 2026-06-08 |
| Difference | +14 pp | Iceland higher |
Iceland's VAT rate is 14pp higher than Mongolia's (24% vs 10%). The 181-country average is 15%: Iceland sits above it, Mongolia sits below 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 |
| Mongolia | 10% | Source: PwC Worldwide Tax Summaries — Mongolia (Individual, Income determination) · as of 2026-06-08 |
| Difference | +12 pp | Iceland higher |
Iceland's capital gains tax rate is 12pp higher than Mongolia's (22% vs 10%). The 175-country average is 10.3%: Iceland sits above it, Mongolia sits below it.
Wealth Tax
| Country | Rate | Source |
|---|---|---|
| Iceland | 0% | Source: PWC Worldwide Tax Summaries — Iceland (Individual, Other taxes) · as of 2026-06-22 |
| Mongolia | 0% | Source: PWC Worldwide Tax Summaries — Net wealth/worth tax rates (quick chart) · as of 2026-06-08 |
| Difference | 0 pp | displayed rates match |
Iceland's wealth tax rate is identical to Mongolia's — both sit at 0%. The 193-country average is 0.1%: both sit below it.
Not covered for both countries yet: Crypto Tax.