If you are a taxpayer in Iceland you make a tax-deductible donation between ISK 10.000 and ISK 350.000 each calendar year. We provide tax authorities with information about you donation and it will be entered on your next tax return.
Example: An individual who donates ISK 2.500 monthly gets a ISK 11.400 tax credit and thus only pays greiðir ISK 18.600 for 30.000 donation.
Note that the tax refund can be higher or lower. This example is based on a medium wage but income tax rate depends on which tax brackets you fall into and that can affect the refund amount. Individuals can get a tax credit for charitable donation between ISK 10.000-350.000.
All donations from individuals and businesses are earmarked for Icelandic students and scholars and is used for grants and grant supporting activities only, not for operating expenses.
All supporters of Fulbright Iceland are listed in the Commission’s annual report, but it is possible to request anonymity.