Legislation on Payment Services

ACT No. 120/2011, on Payment Services (PSD), approved by the Icelandic parliament, entered into effect on December 1^st. 2011.
The Act reinforces the right of consumers in banking for domestic and international transactions.The act is not available in English.The Icelandic Parliament approved yesterday afternoon the following changes in the National Budget for 2012.
The following changes in tax percentages for foreign investors will be applicable from January 1^st 2012. There is no change in tax percentages for resident investors.

	Capital gains on interest	Dividends
Foreign individuals	10%	10%
Foreign legal entities	10%	10%
Resident individuals	20%	20%
Resident entities	20%	20%

For further information please contact:
Custody Services
CPinfo@landsbankinn.is
Tel: +354 410 7223
Tel: +354 410 7986
Tel: +354 410 6598