Iceland Magazine 18 Nov 14: Estates of the three failed banks could face 35% exit tax

Category: Newspaper & Media Reports

The Icelandic government is gearing up to introduce its first steps towards lifting the capital controls that have been in place since the domestic banking system collapsed in 2008.

A central part of the strategy is to limit capital flight and prevent a plunge in the local currency, krona (ISK), probably by implementing a hefty exit task on foreign-exchange transactions, as have been discussed for several years now.

According to daily newspaper MorgunblaĆ°iĆ° the exit tax could be 35% and directed at the three big bank estates, Glitnir, Kaupthing and Landsbankinn (LBI), all still in winding-up proceedings.

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