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Covid-19 Relief

In light of the corona virus pandemic, the Icelandic government has launched a number of measures to address the economic impact of the epidemic. Information on a few of these measures are available in English and Polish as listed here below.

Loss-of-income subsidies

Individuals and legal entities engaged in business or independent activity before 1 April 2020 and have suffered not less than a 40 percent drop in income attributable to the world-wide coronavirus pandemic have a right to receive income shortfall support from the Treasury, subject to certain conditions.

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Rekompensata obniżonych dochodów

Osoby fizyczne oraz prawne prowadzące działalność gospodarczą lub samodzielną działalność, które rozpoczęły ją przed 1 kwietnia 2020 i których dochody w wyniku pandemii koronawirusa spadły o co najmniej 40%, mają prawo do rekompensaty obniżonych dochodów ze skarbu państwa w przypadku spełnienia określonych warunków.

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Postponement of due dates for withholding tax and payroll tax

According to a recently approved Act of Law from the Alþingi on amendments to a number of Acts to respond to the economic effects of the coronavirus pandemic, employers may apply for a postponement of up to three payments.

These must be due to deducted withholding taxes on wages and payroll taxes with a due date from 1 April up to and including 1 December 2020.

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