Iceland vs Trinidad and Tobago
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.
๐น๐น Trinidad and Tobago โ Municipal & Regional Corporations
Trinidad and Tobago's 14 regional/municipal corporations (including Port of Spain City Corporation) levy property taxes and business licence fees. T&T is a significant energy producer in the Caribbean โ natural gas and oil revenues are major fiscal pillars. The country uses a Business Levy (0.6% of gross sales as minimum tax) and a Green Fund Levy (0.3%). T&T has the highest per-capita income in the Caribbean and a well-developed financial services sector.
Iceland vs Trinidad and Tobago: Key Tax Differences (2026)
๐ฐ Income Tax: ๐ฎ๐ธ Iceland has a higher top income tax rate (~36.94% vs 25โ30%). ๐น๐น Trinidad and Tobago is more favourable for high earners.
๐ VAT/Sales Tax: Iceland has a higher consumption tax (11โ24% vs 12.5%).
๐ข Corporate Tax: ๐ฎ๐ธ Iceland offers a lower corporate rate (20% vs 35%), which can influence business location decisions.
๐ Capital Gains: ๐น๐น Trinidad and Tobago taxes investment gains at a lower rate (0% vs 22%), benefiting investors.