Iceland vs Belize
Tax Rate Comparison
Enter your income below for a personal tax estimate, then scroll down for full rate breakdowns.
๐ฐ Personal Income Tax Calculator
Enter your income to see your estimated annual tax liability in each country โ side by side.
๐ฎ๐ธ Iceland โ Municipal Income Tax
Iceland's 69 municipalities set their own local income tax rates, ranging from ~12.44% to ~14.52%, averaging ~14.45%. This is added to the national income tax. The combined effective rate for most earners is about 36.94% (national + municipal). Iceland has no inheritance tax on direct heirs. Real estate transfer tax (stimpilgjald) is 0.8% on property transfers. Iceland is not an EU member but belongs to the EEA, affecting VAT and trade rules.
๐ง๐ฟ Belize โ Municipal & Town Council Taxes
Belize's 6 districts and municipal/town councils levy property tax, business tax (turnover-based), and trade licences. Belize has a unique business tax system โ a turnover-based tax (1.75%โ19% of gross revenues by sector) instead of a traditional profit-based corporate income tax. Belize is a former British colony using English common law. It's a tourism-dependent economy with growing offshore financial services and a significant Belizean diaspora. The country has been working to exit grey lists and improve tax transparency.
Iceland vs Belize: Key Tax Differences (2026)
๐ฐ Income Tax: ๐ฎ๐ธ Iceland has a higher top income tax rate (~36.94% vs 0โ25%). ๐ง๐ฟ Belize is more favourable for high earners.
๐ VAT/Sales Tax: Iceland has a higher consumption tax (11โ24% vs 12.5%).
๐ข Corporate Tax: ๐ง๐ฟ Belize offers a lower corporate rate (19% vs 20%), which can influence business location decisions.
๐ Capital Gains: ๐ง๐ฟ Belize taxes investment gains at a lower rate (0% vs 22%), benefiting investors.