Iceland vs Liberia
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.
๐ฑ๐ท Liberia โ County & District Taxes
Liberia's 15 counties and districts collect local taxes including property tax (1%โ3% of market value), business licence fees, and local service charges. The Liberia Revenue Authority (LRA) administers national taxes. Liberia uses the US dollar alongside the Liberian dollar. The country was devastated by civil wars (1989โ2003) and the 2014โ16 Ebola epidemic. Iron ore (ArcelorMittal, China Union), rubber, palm oil, and timber are key exports. Tax reform has been a focus of post-conflict reconstruction under successive administrations.
Iceland vs Liberia: Key Tax Differences (2026)
๐ฐ Income Tax: ๐ฎ๐ธ Iceland has a higher top income tax rate (~36.94% vs 0โ25%). ๐ฑ๐ท Liberia is more favourable for high earners.
๐ VAT/Sales Tax: Iceland has a higher consumption tax (11โ24% vs 10%).
๐ข Corporate Tax: ๐ฎ๐ธ Iceland offers a lower corporate rate (20% vs 25%), which can influence business location decisions.
๐ Capital Gains: ๐ฑ๐ท Liberia taxes investment gains at a lower rate (15% vs 22%), benefiting investors.