IS · EuropeSG · Asia
Iceland vs Singapore: tax rates compared
Between the two, Iceland's income tax rate (46.3%) tops Singapore's (24%) by 22.3pp. The 200-country average is 28%: Iceland sits above it, Singapore sits below it. Iceland's figure is dated 2025-01-01 and Singapore's 2026-04-27, so the two rates come from different data vintages.
Verified data covers six of the six tracked tax types for both countries; every rate below is cited to its source and dated.
At a glance
| Tax | IS | SG | Difference |
|---|---|---|---|
| Income Tax | 46.3% | 24% | IS +22.3 pplargest gap |
| Corporate Tax | 20% | 17% | IS +3 pp |
| VAT | 24% | 9% | IS +15 pp |
| Capital Gains Tax | 22% | 0% | IS +22 pp |
| Crypto Tax | 22% | 0% | IS +22 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 |
| Singapore | 24% | Source: Inland Revenue Authority of Singapore (IRAS) — Individual Income Tax rates · as of 2026-04-27 |
| Difference | +22.3 pp | Iceland higher |
Corporate Tax
| Country | Rate | Source |
|---|---|---|
| Iceland | 20% | Source: Tax Foundation — Worldwide Corporate Tax Rates · as of 2025-01-01 |
| Singapore | 17% | Source: Tax Foundation — Worldwide Corporate Tax Rates · as of 2025-01-01 |
| Difference | +3 pp | Iceland higher |
Between the two, Iceland's corporate tax rate (20%) tops Singapore's (17%) by 3pp. 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 |
| Singapore | 9% | Source: PWC Worldwide Tax Summaries — Singapore (Corporate, Other taxes) · as of 2026-07-02 |
| Difference | +15 pp | Iceland higher |
Between the two, Iceland's VAT rate (24%) tops Singapore's (9%) by 15pp. The 181-country average is 15%: Iceland sits above it, Singapore 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 |
| Singapore | 0% | Source: PWC Worldwide Tax Summaries — Singapore (Individual, Other taxes) · as of 2026-07-02 |
| Difference | +22 pp | Iceland higher |
Between the two, Iceland's capital gains tax rate (22%) tops Singapore's (0%) by 22pp. The 175-country average is 10.3%: Iceland sits above it, Singapore sits below it.
Crypto Tax
| Country | Rate | Source |
|---|---|---|
| Iceland | 22% | Source: Skatturinn (Icelandic Revenue and Customs) — Rafmynt (Cryptocurrency) · as of 2026-07-19 |
| Singapore | 0% | Source: IRAS e-Tax Guide — Income Tax Treatment of Digital Tokens · as of 2026-01-30 |
| Difference | +22 pp | Iceland higher |
Between the two, Iceland's crypto tax rate (22%) tops Singapore's (0%) by 22pp. The 88-country average is 13%: Iceland sits above it, Singapore sits below it.
Wealth Tax
| Country | Rate | Source |
|---|---|---|
| Iceland | 0% | Source: PWC Worldwide Tax Summaries — Iceland (Individual, Other taxes) · as of 2026-06-22 |
| Singapore | 0% | Source: PWC Worldwide Tax Summaries — Singapore (Individual, Other taxes) · as of 2026-07-02 |
| Difference | 0 pp | displayed rates match |
There's no gap here — Iceland and Singapore both post a wealth tax rate of 0%. The 193-country average is 0.1%: both sit below it.