Modified Fishing Tariff Legislation Proposed in Parliament
Fishing Fee Overhaul in Iceland:
Iceland's Minister of Industry and Trade, Hanna Katrín Friðriksson, has unveiled a revised bill aimed at boosting fishing fees. This update, presented to the Althingi, follows a public consultation period that saw criticisms from local municipalities and small-scale fishing operators.
A Revision Tailored for the Community
According to official announcements, the modifications aim to alleviate concerns about undue financial pressure on smaller fishing operations and the absence of a comprehensive impact assessment.
Higher Thresholds for Exemptions
During the consultation period, which ran from March 25 to April 3, a whopping 112 responses were submitted. Many of the comments expressed worry over the potential financial impact the proposed fees could have on small and medium-sized enterprises in the fishing industry.
In response, the revised bill now exempts 40% of the first ISK 9 million for most fishing categories. For cod and haddock, crucial species in Icelandic fisheries, the exemption extends to 40% of the first ISK 50 million, substantially reducing costs for smaller operators.
Stronger, Larger Firms to Take the Lead
The revised bill also features a more extensive impact analysis. It includes data on the total taxation of the fishing industry, an evaluation of how the changes would affect the sector's top 100 companies, and a comparison with Norway's fish pricing systems.
Under the revised structure, the 30 largest fishing companies are expected to shoulder roughly 90% of the total fees.
[1] Source: Government Announcement
[2] Source: Iceland Fisheries Association Statement
- Minister Hanna Katrín Friðriksson, in a bid to tackle concerns about disproportionate financial pressure, has revised a bill announcing an overhaul of fishing fees in Iceland.
- The new bill, presented to the Althingi, includes modifications that aim to alleviate criticisms from local municipalities and small-scale fishing operators.
- In the revised bill, 40% of the first ISK 9 million is exempted for most fishing categories, and for cod and haddock, the exemption reaches 40% of the first ISK 50 million.
- The revised bill also includes a more extensive impact analysis, comparing the changes with Norway's fish pricing systems and evaluating the impact on the sector's top 100 companies.
- Under the revised structure, it is expected that the 30 largest fishing companies will shoulder about 90% of the total fees.
- The updates in Icelandic fishing fees policies and legislation, along with related news, can be found in the general news section, including statements from the Iceland Fisheries Association and official government announcements.
