Taxable wages - ex
Monthly taxable wages by economic activity consists of total sums of taxable wages that employees earn from their employment on a monthly basis. Also included in the published data is the number of employers that pay wages and employees that receive wages. Own-account workers, who receive payments through their own social identity number and pay themselves calculated remuneration, are excluded from the data. Employers are classified by economic activity based on the primary economic activity of the enterprise in Statistics Iceland’s Business Registry.
The statistical results are preliminary and span the term from January 2008 to July 2020. Users should note that some enterprises may have yet to transfer their specification of wages to The Icelandic Revenue and Customs for the latest published month.
Statistics Iceland publishes annually information about taxable wages in the Icelandic labour market in the publication of Structural business (business sector/exchange economy) and in Production approach of National accounts on Compensation of employees by kind of activity (entire economy). However, timely indications on wages paid by enterprises, institutions and municipalities haven’t been published until now, with the new publication of Taxable wages (total sums).
The purpose of this publication is to give an indication of wages paid in the Icelandic labour market, in a timely manner, by economic activity. The Icelandic labour market has undergone tremendous changes the last few months, particularly due to the Covid-19 pandemic. As a result, there is a significant need for timely information on the development of the labour market. Statistics Iceland plans to publish this timely indicator of taxable wages as a regular publication, therefore all feedback and suggestions by users are greatly appreciated. For feedback and suggestions please contact email@example.com
Taxable wages - updated
Updated: 2 October 2020
Statistics Iceland has updated the monthly data on total sums of taxable wages by economic activity, with the addition of wages in August 2020. It should be noted that statistics may change since some enterprises have yet to transfer their specification of wages to The Icelandic Revenue and Customs. It applies specially for the latest published month.
The data on taxable wages (total sums) is preliminary and based on the Pay as your Earn data in ISK on current price levels for each month. Users should note that the data may be subject to minimal changes due to possible late transfers of some enterprises’ specification of wages to The Icelandic Revenue and Customs. Those changes usually result in a slight increase in the total sum of wages by months, if and once they are turned in. The data can also change slightly if an enterprise changes its’ primary economic activity, and needs to be reclassified in the dataset. Those changes can be retroactive.
The data is based on statements from employers to The Icelandic Revenue and Customs for taxes and duties. All those who are considered an employer according to the Act on the Withholding of Public Levies at Source must turn in specification of wages to The Icelandic Revenue and Customs for all individuals who receive a taxable payment. There is no distinction made between wages and other payments, such as benefits, in the fundamental data, but Statistics Iceland differentiates between those payments in its’ data processing methods. Own-account workers, who receive payments on their own social identity and pay themselves calculated remuneration, are excluded from the data.
Taxable wages (total sums) include the greatest part of income wages for employment, which is paid on a monthly basis to employees. The wages include any kind of remuneration/compensation for employment, such as wages, vehicle, travel and housing subsidies and other subsidies, per-diem allowance, lump sum payments, vacation benefits and other payments that are legally documented according to the pertinent regulation. Taxable wages do not include calculated remuneration, parental leave, unemployment benefits and other benefits, or capital income.
Number of employers paying taxable wages are all those who turn in specification of wages to The Icelandic Revenue and Customs for at least one person. The count of employers is based on the identity of the legal entity, which is based on the entities’ identification number. Therefore, each identification number counts as one employer.
Numer of employees receiving taxable wages is a tally of all those who receive taxable wages from an employer. An individual that receives wages can be counted more than once if he or she receives wages from more than one employer. There is no distinction made based on whether employees are employed full-time or part-time. There is no set minimum payment for wages in the data, so which means that in some cases the payment an employee receives can be substantially minimal.
Economic activity is based on the primary economic activity of the enterprise, according to Statistics Iceland’s Business Registry which is classified according the Icelandic standard industrial classification ÍSAT2008 (compatible with the NACE Rev. 2 classification). Information on employers is published by business sections, divisions and groups of sections. Note that the published groups of economic activities can overlap. Therefore, if all economic activity groups are summed up, the total sum will not match the publish sums of totals.
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