Revised Fishing Fee Bill introduced in Parliament

Minister of Industry and Trade Hanna Katrín Friðriksson has submitted a revised bill to the Althingi proposing an increase in fishing fees. The bill has undergone several changes following a period of public consultation, in response to criticism from municipalities and small-scale fishing operators.

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Proposed changes could have yielded an additional ISK 10 b last year

According to a government announcement, the adjustments aim to address concerns that the proposed increases would disproportionately burden smaller fishing operations and lacked a thorough impact assessment.

Increased exemption thresholds

The bill was open for public comment between March 25 and April 3, during which 112 responses were submitted. Many of the comments expressed concern about the financial strain the proposed fees could place on small and medium-sized enterprises in the fishing industry.

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Hanna Katrín Friðriksson: “This Correction Stands”

In response, the exemption thresholds have been raised. For most categories of fishing, 40% of the first ISK 9 million in annual assessment will now be exempt. For cod and haddock — key species in Icelandic fisheries — the exemption has been increased to 40% of the first ISK 50 million.

These changes are specifically designed to soften the bill’s impact on smaller fishing operations.

Large firms to shoulder the bulk of costs

The revised bill now includes a more detailed impact analysis. It features an evaluation of how the proposed changes would affect the 100 largest companies in the sector, provides data on total taxation of the fishing industry, and offers a comparison with fish pricing systems in Norway.

According to the updated proposal, the 30 largest fishing companies will bear approximately 90% of the total fees under the new structure.