Fisheries resource rent

A resource rent is imposed on all marine catch landed.

Registered owners of Icelandic fishing vessels landing catch from marine resources must pay a specific amount in for each kilogram of catch based on live weight. If the owners are more than one, they are all responsible for payment of the rent.

How is the resource rent used?

Based on the landed catch data from the Directorate of Fisheries, Iceland Revenue and Customs calculates and imposes the resource rent with the returns going to the State Treasury.

The income is used to cover the State's costs for research, management, control and supervision of fishing and fish processing. The resource rent ensures the nation a share in the profit from utilization of the marine resources.

Amounts

Before December 1st each year, Iceland Revenue and Customs proposes what the rent amounts to for each fish stock for the upcoming year. The Minister of Food, Agriculture and Fisheries will then determine the rent before the end of the year.

Due dates

• The due date for paying the resource rent is the 1st of each month for fishing that took place 30 to 60 days earlier.

• The deadline for payment with our defaulting is the 15th of each month.

Upon default, extra interest payments will be incurred. If the resource rent is not paid within a month from the due date, the Directorate of Fisheries will suspend the general fishing permit for each vessel concerned.