This report is conducted by Menon Economics on request by Fisheries Iceland (SFS). The objective is to deepen the understanding of how the recently proposed tax system reform in Iceland will affect the aquaculture industry, both in terms of revenues, value added and international competitiveness. The report presents a model that allows the reader to compare how the proposed tax structure affects the industry comparing the effects of alternatively applying the existing (current) tax structure in Iceland, a Norwegian tax model and the tax model of the Faroe Islands. The study considers all relevant aspects of the tax systems in each country, allowing comparisons to be as complete as possible.