Iceland vs Latvia
Corporate Tax Comparison
Time of Update: Iceland: 4/04/2026 / Latvia: 4/04/2026
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.
Iceland vs Latvia Corporate Tax Comparison
Basic Corporate Tax Comparison
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. If there is a tax base, the tax return should be submitted on or before the 20th day of each month (quarter).
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
Resident Withholding Tax (Dividend/Interest/Royalty):
NA
None-Resident Withholding Tax (Dividend/Interest/Royalty):
21/13/22
None-Resident Withholding Tax (Dividend/Interest/Royalty):
0/0/0
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%
