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Íslandsdóttir

Maximize Your Tax Deduction with Expert Support

Navigating tax deduction applications and maintaining compliance can be complex and time-consuming. Our Tax Deduction Grant Management services are designed to simplify the process, ensuring your project stays on track from start to finish. Whether you're applying for the first time or managing ongoing projects, we help you maximize your tax deduction and stay compliant with evolving regulations. Let us guide you through the entire journey, so you can focus on what matters - growing your business.

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Navigating New Challenges

The tax deduction application process is becoming increasingly more intricate, moving from a clear-cut path to a maze of challenges and lengthy reviews. With stricter criteria, shifting requirements, and heightened government oversight, new challenges arise, and the stakes are higher than ever.

Tax Deduction 
Eligibility and Requirements

The goal of the Icelandic government's tax deduction program is to strengthen research and development (R&D) efforts and improve the competitiveness of innovative companies. The program is open to all companies that owns R&D projects.

To qualify for approval a project must meet the following conditions:

  • A well-defined idea and business plan for a value-adding product/service. 
  • The project must entail new development (not routine updates or minor improvements to existing products or features.
  • A minimum of 1 million ISK spent on R&D in the fiscal year in question.
  • Employees (on payroll) must have the training, education, or experience relevant to the development of the proposed value-adding product or service.

Our Success Speaks for Itself

97% Success Rate

compared to an 87% approval rate for other applicants

€7.6 million

won in tax deduction for clients (as of 1/12/2024)

Stay Compliant & Maximize your Tax Benefits

Navigating the complexities of tax deduction applications can be overwhelming. With our tailored approach, you'll stay compliant, avoid costly delays, and unlock the full potential of your tax deduction opportunities—saving you time, effort, and resources while ensuring peace of mind.

Here's how we ensure your success:

Annual Project Planning

We work with you to plan the entire year ahead, allowing us to track costs in real time. We also offer you quarterly meetings to review the project's progress and status. This proactive approach ensures your application aligns with requirements, reduces discrepancies between application and real data, and simplifies compliance throughout the process.

Comprehensive Monitoring

Using our proprietary tax management method, we work with you to track costs and progress on a monthly basis, keeping all documentation organized, transparent, compliant, and ready for submission or inspection. This method facilitates data-driven decision making and helps us identify and flag any potential issues early, ensuring timely corrective action.

Continuous Support

With deep knowledge of evolving rules and criteria, we provide expert guidance to address inquiries and avoid delays. We ensure all stakeholders, i.e. your accountants, project managers, and team, are aligned and up to date.


Audit-Ready Records

Our method ensures you're prepared for inspections or inquiries and are always aware of the implications of other public grants on your tax deduction project. Our method minimizes the risk of disruptions and gives you peace of mind throughout the process.

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Streamlining the Tax Deduction Process

Collaboration is key to a successful partnership. 


Here’s how we work together: we handle the strategic and technical aspects, while you provide the necessary project details and documentation. This clear division of responsibilities ensures a smooth, efficient process from start to finish.

What we do
What you do
What we do
Planning

We guide you through annual project planning to align your tax deduction goals with your business objectives.

Monitoring

We track project milestones and financials, ensuring compliance and identifying potential issues as well as opportunities for optimization. 

Preparation and Submission

Based on the data you provide, we prepare and submit the annual tax deduction applications and prepare a draft the tax forms (RSK 4.21) on your behalf, working directly with your CFO and/or accountant to ensure accuracy and timeliness.

What you do
Participate in Planning

Collaborate with us during annual project planning and attend brief quarterly meetings to review your project’s progress. 

Provide Data

Share the necessary expense and progress information using our user-friendly process and forms.

Stay Engaged

Keep us updated with any changes that might impact your project’s scope or expenses.

Gain Peace of Mind. Book a Meeting!

Long Term Success

A growing tech company that we have worked with on tax deduction applications since 2018 has received €3.1m (ISK 465m) in tax deduction during our partnership and is due to receive another €146k (ISK 22m) in 2025.

Consistent Results

A Fintech client approached us after receiving a denial notice from Rannis for their self-submitted application. We helped them respond, leading to the application being reopened and approved, resulting in a tax deduction of €88k (ISK 13m) that winter. Since then, they’ve received an additional €85k (ISK 12.7m) in 2024 and are on track for €82k (ISK 12m) in 2025.

Unlocking Opportunities

A new startup whose founders didn’t know of the possibility of applying for a tax deduction for their project did so upon our suggestion in 2023 and received €59k (ISK 8.8m) in tax deduction in 2024 and is due to receive another €139k (ISK 21m) in 2025.