Iceland
Europe
What consumer rights apply in Iceland for expired Giftcards?
Under Icelandic law, a Giftcard expires on its expiry date. Merchants must clearly state the date. Missing information can be treated as a breach of consumer protection law.
Is there a legal rule in Iceland on the validity period of Giftcards?
In Iceland there is no specific legal rule on the validity period of Giftcards. Under general contract law, a limitation period of four years applies. Merchants may set their own validity periods but must state them clearly.
How are Giftcards treated for tax purposes in Iceland (VAT, single-purpose / multi-purpose)?
Iceland distinguishes tax treatment between single-purpose and multi-purpose Giftcards in line with EU Directive 2016/1065. For single-purpose Giftcards, VAT (VSK) is due on sale; for multi-purpose Giftcards, VAT is due on redemption.
What special rules apply in Iceland to the sale, issuance, or redemption of Giftcards?
Giftcard sales in Iceland are permitted and widespread. Electronic Giftcards must meet the data-protection requirements of the data protection authority and be recorded for tax purposes.