Key Figures

Chief of State:
President Guðni Thorlacius Jóhannesson
Head of Government:
Prime Minister Bjarni Benediktsson

Overview

Government Name:
Republic of Iceland
Constitution:
Adopted: 1944; Established the world's oldest parliament (Althing) and declared the country's independence from Norway and Denmark
Government Type:
Constitutional Republic
Republic of Iceland Flag
Coat of Arms of Republic of Iceland

Index of Economic Freedom

Grades each country on a scale of 0 to 100, based on ten freedoms, with 100 representing the greatest amount of economic autonomy from government intervention. Source: Heritage Foundation (2018)

Country Risk Rating

A2
The political and economic situation is good. A basically stable and efficient business environment nonetheless leaves room for improvement. Corporate default probability is low on average. Source: Coface (2018)

Government Branches

Main Powers Election Process Election Cycle 1
Executive

The president is a ceremonial office position and serves as a diplomat and figurehead. The prime minister acts as an executive authority upon the cabinet of ministers.

The president is elected by plurality vote. The prime minister is appointed by the president with the approval of parliament.

4 years

Judicial

Final court of appeal in Iceland.

Judges are proposed by the ministry of interior selection committee and are appointed by the president.

Life appointment

Legislative

Parliament is the main legislative body in charge of creating legislature.

54 members are elected through an open-list proportional representation system and another 9 members are elected by open-list proportional representation in multi-member constituencies.

4 years

Regional Trade Blocs

International Organization Participation [2]

Environmental Agreements [3]

Tax Information [2]

Tax Authority:
Ministry of Finance
Tax Name:
VAT

Sources:

  1. ElectionGuide http://www.electionguide.org/
  2. EY, http://www.ey.com
  3. CIA World Factbook, https://www.cia.gov/library/publications/the-world-factbook/
  4. U.S. Bilateral Relations Fact Sheets http://www.state.gov/r/pa/ei/bgn/