ICELAND

Logistic and forwarding services in Iceland

Island

Capital City
Reykjavík

Population
325’671

National languages
Icelandic

Currency
Icelandic crown (ISK)

Gross national product (GNP)
USD 16,7 Mrd.

GNP per person
USD 51’262

Financial exports to Switzerland
CHF 30 Mio.

Financial imports from Switzerland
CHF 29 Mio.

Bilateral relations Switzerland–Iceland

Relations between Switzerland and Iceland are excellent.

 

Business language

Icelandic, English.

Dimensions and weights

Metric system.

Currency

National currency Icelandic Krona (ikr) = 100 aurar (aur)
ISO code: ISK

Customs tariff

Harmonised system.

Import control

Import is broadly liberalised. All of the items on the “negative list” require an import licence.
The validity of these is generally six months.
The goods must have cleared customs within this period. Foreign exchanges for imports of this type are granted by the authorised banks.
Granting of foreign exchanges and a transfer licence without any difficulties on presentation of the import licence. All goods can generally be imported with a payment term of three months.
Standard VAT rate: 24% (since 01/01/2015).

Terms of payment and tenders

Usually an irrevocable, confirmed letter of credit for the first transaction, then documents against payment (D/P).
Tenders in GBP or EUR FOB Rotterdam or Antwerp with an indication of the delivery time. EUR invoicing.

Designations of origin

The country of origin should be indicated on packages and commercial invoices.

Marking/labelling

Standard marking; there are special labelling regulations/EC labelling obligations for consumer goods, pharmaceuticals, foods and household goods.

Packaging

Seaworthy packaging. Hay, straw and used sacks and used packaging materials are not permitted.

Product samples

Duty free if they have no retail value. Where applicable low clearance fees are charged.
The Carnet A.T.A. process is applicable for temporary use.

Shipping and accompanying documents

Standard and

a) 2 uncertified commercial invoices in English; they must contain extensive details as required (chamber).

b) Certificates of origin are not required.

c) Bills of lading uncertified. Order bills of lading with a notify address are possible.

d) Postal packages up to 20 kg: 1 foreign package card, 1 customs declaration in Scand./English/French, 2 commercial invoices

e) Movement certificate EUR 1 for goods with a value of more than EUR 6.000 as evidence of the preferential origin as part of the free trade agreement.

When importing goods of a value of up to EUR 6.000 the exporter must make the following declaration in the invoice or another commercial document: “The undersigned exporter of the goods to which this commercial invoice refers states that these goods, unless otherwise indicated, are preferential EEA goods”.

Place and date, signature Icelandic version: “Útflytjandi framleidsluvara sem skjal betta tekur til, l´ysir bví yfir ad vörurnar séu, ef annars er ekki greinilega getiod, af EES-frídindauppruna”.

The full name of the person signing the declaration must be indicated underneath the signature. (Originating products from Ceuta and Melilla are to be clearly labelled with the initials “CM”)

f) EUR-MED

g) The cross-EU “common transit procedure“ (NCTS) can be used.

However, the procedure described under d) must be complied with to provide evidence of the entitlement to preference.