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. The analytical framework and technical models used in this report rests extensively on an analysis we conducted in December 2023 (Menon-report 8/2024 Taxation of Aquaculture in Iceland). This report can be seen as an extension of the work summarized in the former report.