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The Kingdom of Iceland (Icelandic: Konungsríkið Ísland; Danish: Kongeriget Island) was a sovereign and independent country under a constitutional and hereditary monarchy that was established by the Act of Union with Denmark signed on 1 December 1918. [2]
The monarchy was abolished again on 14 April 1931, first by the Second Spanish Republic – which lasted until 1 April 1939 – and subsequently by the dictatorship of Francisco Franco, who ruled until his death on 20 November 1975. Monarchy was restored on 22 November 1975 under Juan Carlos I, who was also the monarch until his abdication in 2014.
Unlike most Western European countries, Iceland has a flat tax system: the main personal income tax rate is a flat 22.75% and combined with municipal taxes, the total tax rate equals no more than 35.7%, not including the many available deductions. [155] The corporate tax rate is a flat 18%, one of the lowest in the world. [155]
Iceland turned down British offers of protection after the occupation of Denmark, because that would violate Iceland's neutrality. Britain and the U.S. opened direct diplomatic relations, as did Sweden and Norway. The German takeover of Norway left Iceland highly exposed; Britain decided it could not risk a German takeover of Iceland.
Cambodia functions as an elective monarchy. The ruler is selected from either the House of Norodom or Sisowath, and rules for life. The reigning king is H. M. Norodom Sihamoni, elected in 2004.
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Hannes Hafstein served as the first minister of Iceland from 31 January 1904 until 31 March 1909. The Act of Union, signed on 1 December 1918 by Icelandic and Danish authorities, recognized Iceland as a fully sovereign state (the Kingdom of Iceland), joined with Denmark in a personal union with the Danish king. Iceland established its own flag ...
The very principle that the country would not be ruled by an all-powerful king was foundational to the Declaration of Independence and guaranteed in the Constitution, the latter of which was ...