Corporate Tax Comparison

Iceland vs Latvia

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

Published — Iceland: 2/14/2024 · Latvia: 2/14/2024 · Time of Update — Iceland: 4/03/2026 · Latvia: 9/30/2026

Base Country/Region

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Compare Corporate Tax

Iceland

Latvia

Basic Corporate Tax Comparison

PwC World Tax Summary OECD Statistics

Published — Iceland: 2/14/2024 · Latvia: 2/14/2024 · Time of Update — Iceland: 4/03/2026 · Latvia: 9/30/2026

Corporate Income Tax (CIT)

Iceland

Latvia

General CIT Rate:

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

General CIT Rate:

20 (only payable when distributing profits).

CIT Return Due Date:

31 May

CIT Return Due Date:

The tax deadline is one month. If taxpayers are allowed to pre-order proof documents quarterly, the tax period is one quarter. The return is filed by the 20th day of the month after each tax period; a period with no taxable object needs no return, except the one covering the last month of the financial year, which is always filed.

CIT Payment Due Date:

November 1st and December 1st

CIT Payment Due Date:

If there is a tax base, the tax payable should be paid on or before the 23rd day of the next tax filing period each month.

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:

No estimated CIT payment.

Withholding Tax (WHT)

Iceland

Latvia

Resident Withholding Tax (Dividend/Interest/Royalty):

22/22/0

Non-Resident Withholding Tax (Dividend/Interest/Royalty):

21/13/22

Non-Resident Withholding Tax (Dividend/Interest/Royalty):

0/0/0

Value-Added Tax (VAT)

Iceland

Latvia

General VAT Rate:

Learn More Value-Added Tax (VAT)

Capital Gain Tax (CGT)

Iceland

Latvia

General Capital Gain Tax Rate:

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

General Capital Gain Tax Rate:

Capital gains are constrained by the normal corporate income tax rate.

Effective Tax Rate (ETR)

Iceland

Latvia

Composite Effective Average Tax Rate:

18.79%

Composite Effective Average Tax Rate:

17.00%

Composite Effective Marginal Tax Rate:

14.93%

Composite Effective Marginal Tax Rate:

0.00%

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