Iceland trip cost increases with introduction of new tax: Details inside

09:09 PM | 25 Sep, 2023
Iceland trip cost increases with introduction of new tax: Details inside

VIK - The Prime Minister of Iceland has confirmed the imposition of a tax to reduce the impact exponential growth in tourism has on its pristine wilderness.

“Tourism has really grown exponentially in Iceland in the last decade and that obviously is not just creating effects on the climate,” Jakobsdottir said in an interview with Bloomberg.

The tourism tax is being implemented across the world on the pretext of saving nature and Iceland is the fresh entrant to the list of countries charging tourists.

As far as statistics are concerned, Iceland welcomed over 8.5 million visitors in 2022, years after it suffered a blow due to COVID-19.

The numbers released by Statistics Iceland confirm that in June 2023, a total of 1,176,600 overnight stays were registered in the country which is a 17 per cent increase from June 2022.

Regarding the net amount to be paid by the tourists, the prime minister did not reveal the exact figure but clarified that the tariff would not be high and would be implemented as city taxes for those staying in Iceland.

'We have announced that we are putting increased taxes on tourism in Iceland. Not high taxes to begin with, but we are talking about city taxes, etcetera, for people who stay in Iceland,' he said.

Tourism taxes are the new normal in the developed world and have been introduced by authorities in Venice, Italy, the UK besides other countries.

Recently, Manchester became the first UK city to impose a tourist tax and everyone who stays in a city center hotel or holiday apartment has to pay £1 per night, per room.

Moreover, Indonesia's top tourist spot, Bali might not be free for all as the government has decided to tax the tourists from next year; a tax worth 150,000 rupiah ($10) will be imposed on tourists from next year in an effort to preserve its culture and raise funds. 

Moreover, the capital city of Scotland,  Edinburgh is poised to become the first council in the UK to implement a tourist tax, following in the footsteps of other tourist destinations across the world. 

The Scottish Government recently introduced the Visitor Levy (Scotland) Bill, outlining the framework for councils to levy such a tax aimed at generating additional revenue to address the city's growing expenses.

The Edinburgh City Council has expressed its intention to implement such a levy and has initially agreed upon a charge of £2 per person per night, capped at seven nights. Though the final model is yet to be decided, the estimated revenue from this levy ranged from £5 million to £35 million per year.

Top European destination, Venice is also planning to start charging an admission fee becoming the fresh tourist hotspot to introduce such a 'tax'.  

The city council said recently that the fee would be charged from next year to try to manage the flow of tourists coming to the historic canals.

It has been announced that the admission fee will be applied on a trial basis for 30 days in 2024, focusing mainly on spring bank holidays and summer weekends when tourism is at its zenith.


Pakistani rupee inches up against US dollar, Euro, Pound and other currencies - Check forex rates here

Pakistani rupee advanced its winning momentum against US dollar, and other currencies in the open market amid strong economic cues.

Dollar Rate in Pakistan Today

On Saturday, the US dollar was being quoted at 285.15 for buying and 287.95 for selling.

Euro moves down to 309.9 for buying and 310.5 for selling. British Pound rate stands at 359.4 for buying, and 360.05 for selling.

UAE Dirham AED also moved down to 77.45 whereas the Saudi Riyal drops to 75.82.

Today's currency exchange rates in Pakistan – 2 December 2023

Currency Symbol Buying Selling
US Dollar ‎USD 285.15  287.95 
Euro EUR 309.9  310.5 
UK Pound Sterling GBP 359.4  360.05 
U.A.E Dirham AED 77.45  77.6
Saudi Riyal SAR 75.82 75.97
Australian Dollar AUD 187.72 188.22
Bahrain Dinar BHD 759.94 767.94
Canadian Dollar CAD 209.99 210.49
China Yuan CNY 39.78 39.88
Danish Krone DKK 41.95 42.05
Hong Kong Dollar HKD 36.38 36.48
Indian Rupee INR 3.39 3.5
Japanese Yen JPY 1.49 1.56
Kuwaiti Dinar KWD 926.39 935.39
Malaysian Ringgit MYR 60.38 60.98
New Zealand Dollar NZD 173.44 175.44
Norwegians Krone NOK 26.25 26.55
Omani Riyal OMR 742.16 750.18
Qatari Riyal ‎QAR 78.5 79.2
Singapore Dollar SGD 212.45 212.95
Swedish Korona SEK 27.09 27.19
Swiss Franc CHF 325.38 325.88
Thai Bhat THB 8.05 8.09

Gold registers big fall in Pakistan; check today gold rates in Pakatan - 2 December 2023

The price of gold fell by thousands of rupees as precious metal lost shine despite an upward trend in the international market.

Gold Rates in Pakistan Today - 2 December 2023

On Saturday, the price of a single tola of 24-karat gold stands at Rs217,300 and 10 grams of 24k gold costs Rs186,300.

Meanwhile, single tola of 22 Karat gold costs Rs199,190, 21 karat rate costs Rs190,138 and 18k gold rate is Rs162,975.

Globally, gold prices hover at around $2072, gaining $32 on Saturday.

Today Gold Rate in Pakistan

City Gold Silver
Lahore PKR 217,300 PKR 2,705
Karachi PKR 217,300 PKR 2,705
Islamabad PKR 217,300 PKR 2,705
Peshawar PKR 217,300 PKR 2,705
Quetta PKR 217,300 PKR 2,705
Sialkot PKR 217,300 PKR 2,705
Attock PKR 217,300 PKR 2,705
Gujranwala PKR 217,300 PKR 2,705
Jehlum PKR 217,300 PKR 2,705
Multan PKR 217,300 PKR 2,705
Bahawalpur PKR 217,300 PKR 2,705
Gujrat PKR 217,300 PKR 2,705
Nawabshah PKR 217,300 PKR 2,705
Chakwal PKR 217,300 PKR 2,705
Hyderabad PKR 217,300 PKR 2,705
Nowshehra PKR 217,300 PKR 2,705
Sargodha PKR 217,300 PKR 2,705
Faisalabad PKR 217,300 PKR 2,705
Mirpur PKR 217,300 PKR 2,705


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