Bank tax increases could hurt Iceland’s competitiveness, group warns

A survey commissioned by the Financial Services Companies Association found that 51 to 66 percent of respondents believed higher taxes on banks would negatively affect their customers, shareholders, Icelandic companies and the public, mbl.is reports.

Heiðrún Jónsdóttir, the association’s chief executive, warned that the planned tax increase would affect Iceland’s competitiveness and have further negative consequences.

If the goal is to improve government finances in the long term, the association believes there is reason to consider whether other and more suitable options are available, Jónsdóttir said.