What are the general Corporate Income Tax (CIT) rates in Iceland and Bermuda?

For Iceland: 20 (for LLCs and limited partnerships); 37.6 (for other entities). For Bermuda: [color=rgb(70, 70, 70)]15% (if subject to Bermuda CIT) or 0%.[/color].

What are the resident Withholding Tax (WHT) rates in Iceland and Bermuda?

For Iceland: 22/22/0. For Bermuda: 0.

What are the non-resident Withholding Tax (WHT) rates in Iceland and Bermuda?

For Iceland: 21/13/22. For Bermuda: 0.

What are the general VAT rates in Iceland and Bermuda?

For Iceland: 24. For Bermuda: 0.

What are the Capital Gain Tax (CGT) rates in Iceland and Bermuda?

For Iceland: 20 (for corporations, same as CIT rate for LLCs); 22 (for individuals). For Bermuda: There is no VAT or sales tax in Bermuda..

What are the Composite Effective Average Tax Rates in Iceland and Bermuda?

For Iceland: 18.79%. For Bermuda: 0.

What are the Composite Effective Marginal Tax Rates in Iceland and Bermuda?

For Iceland: 14.93%. For Bermuda: 0.

Corporate Tax Comparison

Iceland vs Bermuda

Q: When are the Corporate Income Tax (CIT) returns due in Iceland and Bermuda?

For Iceland: 31 May. For Bermuda: If subject to Bermuda CIT, tax returns are proposed to be due by the 15th day of the 10th month following the fiscal year-end..

Q: When are the Corporate Income Tax (CIT) payments due in Iceland and Bermuda?

For Iceland: November 1st and December 1st. For Bermuda: Upon filing the CIT return (if applicable), a 'true-up' payment considering previous estimated payments must be made no later than the due date of the return, regardless of when the return is filed..

Q: When are the Corporate Income Tax (CIT) estimated payments due in Iceland and Bermuda?

For Iceland: Except for January and October, prepayments should be made on the first day of each month.. For Bermuda: Taxes are paid in instalments. The first instalment is proposed to be due by the 15th day of the 8th month after the beginning of the fiscal year, amounting to 50% of the expected tax liability for the year. The second instalment is due by the 15th day of the 12th month after the beginning of the fiscal year, bringing the total instalments to 90% of the expected tax liability for the year..

Compare Iceland and Bermuda corporate tax rates, filing due dates, withholding tax, VAT, capital gains tax, and effective tax metrics for cross-border company planning.

Time of Update — Iceland: 4/04/2026 · Bermuda: 3/24/2026

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Iceland

Bermuda

Basic Corporate Tax Comparison

PwC World Tax Summary OECD Statistics

Time of Update — Iceland: 4/04/2026 · Bermuda: 3/24/2026

Corporate Income Tax (CIT)

Iceland

Bermuda

General CIT Rate:

20 (for LLCs and limited partnerships); 37.6 (for other entities)

General CIT Rate:

15% (if subject to Bermuda CIT) or 0%.

CIT Return Due Date:

31 May

CIT Return Due Date:

If subject to Bermuda CIT, tax returns are proposed to be due by the 15th day of the 10th month following the fiscal year-end.

CIT Payment Due Date:

November 1st and December 1st

CIT Payment Due Date:

Upon filing the CIT return (if applicable), a 'true-up' payment considering previous estimated payments must be made no later than the due date of the return, regardless of when the return is filed.

CIT Estimated Payment Due Date:

Except for January and October, prepayments should be made on the first day of each month.

CIT Estimated Payment Due Date:

Taxes are paid in instalments.

The first instalment is proposed to be due by the 15th day of the 8th month after the beginning of the fiscal year, amounting to 50% of the expected tax liability for the year.

The second instalment is due by the 15th day of the 12th month after the beginning of the fiscal year, bringing the total instalments to 90% of the expected tax liability for the year.

Withholding Tax (WHT)

Iceland

Bermuda

Resident Withholding Tax (Dividend/Interest/Royalty):

22/22/0

Resident Withholding Tax (Dividend/Interest/Royalty):

None-Resident Withholding Tax (Dividend/Interest/Royalty):

21/13/22

None-Resident Withholding Tax (Dividend/Interest/Royalty):

Value-Added Tax (VAT)

Iceland

Bermuda

General VAT Rate:

Learn More

Value-Added Tax (VAT)

General VAT Rate:

Learn More

Value-Added Tax (VAT)

Capital Gain Tax (CGT)

Iceland

Bermuda

General Capital Gain Tax Rate:

20 (for corporations, same as CIT rate for LLCs); 22 (for individuals)

General Capital Gain Tax Rate:

There is no VAT or sales tax in Bermuda.

Effective Tax Rate (ETR)

Iceland

Bermuda

Composite Effective Average Tax Rate:

18.79%

Composite Effective Average Tax Rate:

Composite Effective Marginal Tax Rate:

14.93%

Composite Effective Marginal Tax Rate:

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Iceland vs Bermuda

Corporate Income Tax (CIT)

Withholding Tax (WHT)

Value-Added Tax (VAT)

Capital Gain Tax (CGT)

Effective Tax Rate (ETR)

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