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North Macedonia vs Iceland
Tax Rate Comparison

Enter your income below for a personal tax estimate, then scroll down for full rate breakdowns.

๐Ÿ‡ฒ๐Ÿ‡ฐ North Macedonia
vs
๐Ÿ‡ฎ๐Ÿ‡ธ Iceland
Tax Year:

๐Ÿ’ฐ Personal Income Tax Calculator

Enter your income to see your estimated annual tax liability in each country โ€” side by side.

Enter your annual income above to see your personal tax comparison โ†’
Individual Income Tax (Top Marginal Rate)
Top Income Tax Rate
10โ€“18%
18% top; accession timeline accelerating
No change
~36.94%
Stable; municipal rates adjusting slightly
No change
VAT / GST / Sales Tax
VAT / GST / Sales Tax
5โ€“18%
Standard 18% maintained
No change
11โ€“24%
Standard 24% maintained; EEA rules apply
No change
Corporate Tax Rate
Corporate Tax Rate
10%
10%; Pillar Two for qualifying MNCs
No change
20%
20% stable
No change
Capital Gains Tax
Capital Gains Tax
10%
10% flat
No change
22%
22% capital income rate
No change
Social Security & Payroll
Social Security / Payroll
~27%
EU social standards harmonization
No change
~14.5%
Pension reform debate; high mandatory rates maintained
No change
State, Regional & Local Taxes

๐Ÿ‡ฒ๐Ÿ‡ฐ North Macedonia โ€” Municipal Taxes

North Macedonia's 80 municipalities (opลกtini) levy property tax (0.10%โ€“0.20% of market value), communal fees, and business licences. Skopje, divided into 10 municipalities, has the largest combined tax base. The Public Revenue Office administers national taxes. North Macedonia gained EU candidate status and is progressing toward accession. It has maintained a flat 10% income and corporate tax rate as a competitive attraction. It joined NATO in 2020. The economy relies on manufacturing (auto parts), services, and remittances.

๐Ÿ‡ฎ๐Ÿ‡ธ 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.

โš ๏ธ Disclaimer: Rates shown are standard top/headline rates for informational purposes. Actual tax liability depends on income level, residency, deductions, and tax treaties. 2025โ€“2026 data reflects announced or enacted rates and may be subject to change. Not financial or legal advice.

North Macedonia vs Iceland: Key Tax Differences (2026)

๐Ÿ’ฐ Income Tax: ๐Ÿ‡ฎ๐Ÿ‡ธ Iceland has a higher top income tax rate (10โ€“18% vs ~36.94%). ๐Ÿ‡ฒ๐Ÿ‡ฐ North Macedonia is more favourable for high earners.

๐Ÿ›’ VAT/Sales Tax: Iceland has a higher consumption tax (5โ€“18% vs 11โ€“24%).

๐Ÿข Corporate Tax: ๐Ÿ‡ฒ๐Ÿ‡ฐ North Macedonia offers a lower corporate rate (10% vs 20%), which can influence business location decisions.

๐Ÿ“ˆ Capital Gains: ๐Ÿ‡ฒ๐Ÿ‡ฐ North Macedonia taxes investment gains at a lower rate (10% vs 22%), benefiting investors.

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