Iceland VAT Filing and Payment Reference

Available frequencies under VOES

Bi-monthly only. There is no other option and no opt-in

Available frequencies under the Standard scheme

Bi-monthly by default. Monthly on application where input VAT regularly exceeds output VAT. Annual and agricultural schemes exist but are out of Kintsugi's scope

Tax period

Two calendar months, starting 1 January, 1 March, 1 May, 1 July, 1 September, and 1 November

Return deadline

One month and five days after the period ends. A January to February period is due 5 April

Payment deadline

The same date. You file and pay together

Weekend and holiday rule

The deadline moves forward to the next business day if it falls on a weekend or an Icelandic public holiday

Nil return required

Yes. You file every period, whether or not VAT is due

First filing period

From your effective registration date to the end of the current two-month period

Sales before registration

Not included in the first declaration, because VAT does not apply before registration takes effect

January to February

5 April

March to April

5 June

May to June

5 August

July to August

5 October

September to October

5 December

November to December

5 February

Form name, VOES

VOES declaration, filed in the VOES portal with no separate form number

Form name, Standard scheme

Form RSK 10.01

Filing portal, VOES

voes.rsk.is

Filing portal, Standard scheme

skattur.is

Filing currency

ISK only

Foreign currency conversion

Central Bank of Iceland official exchange rate on the due date

Split by goods, services, or digital

None. The Standard return separates by rate, 24%, 11%, and 0%, not by supply type. The VOES declaration reports consumer electronic service turnover at 24% on a single line

Split by transaction type

On the Standard return, yes: domestic taxable turnover by rate, zero-rated turnover, imported services under the reverse charge, and import VAT. The VOES declaration has no such split

Reverse charge boxes

On the Standard return, self-assessed VAT is reported as output VAT and recovered as input VAT on the same return. VOES does not handle reverse charge at all

Credit note line

None dedicated. Adjustments are netted into the relevant turnover and VAT figures for the period the credit invoice is issued

Amended returns

Not used. Adjustments land in the period the change occurs

Who files it

Kintsugi prepares and files your VOES declaration

Payment currency

ISK only

Payment method, VOES

International bank transfer by IBAN or SWIFT

Payment method, Standard scheme

Domestic online banking

Local bank account

Not required under VOES. Required under the Standard scheme

Payment deadline

One month and five days after the period ends, the same as the return

Who remits

You. Kintsugi prepares and files, and the payment stays with you

Direct debit

Not available

Credit note required

Yes, for returns, cancellations, and price reductions after the invoice

Format

A credit invoice (kreditreikningur) with negative amounts, clearly labelled

Numbering

Sequential, in the same continuous sequence as your invoices

Reference to the original invoice

Required. Include the original invoice number and date

Time limit to issue

Issue it when the return, discount, or correction occurs

Period reported in

The period the credit invoice is issued, not the period of the original sale

Mid-period subscription changes

A proration applied on the original invoice as a separate line needs no credit note. A refund or cancellation after invoicing goes on a credit invoice

Reverse charge credit notes

Your customer reverses their original self-assessed output and input entries in the period they receive the credit invoice

Numbering

Sequential, pre-numbered, in a continuous sequence

Seller details

Name, identification number, and VAT registration number

Buyer details

Name, and identification number where applicable

Sale details

Invoice date, invoice number, description of the goods or services, quantity, and unit price stated separately

Tax details

VAT rate, taxable amount, VAT amount stated separately, total price, and whether VAT is included or excluded

Why it matters

Your Icelandic business customer needs the VAT stated separately to recover it

Record retention

Seven years

Annual VAT return or reconciliation

None. Iceland has no separate annual VAT return

Intrastat

Not applicable. Iceland is not in the EU

EC Sales List or equivalent

Not applicable

SAF-T or similar audit file

None

Real-time VAT reporting

None

Mandatory electronic invoicing

None for business or consumer sales. Iceland requires PEPPOL electronic invoicing for sales to public bodies, which is separate from VAT and not handled by Kintsugi

EORI number

Not applicable. Iceland is not in the EU and does not issue EORI numbers