The act makes changes to the maximum value of goods any one traveler can bring into the country duty-free, the argument for the change being that the duty-free allowance had not been changed to reflect the international exchange rate of the krónur. The maximum value of goods is being increased from 65,000 ISK to 88,000 ISK.
It was proposed to do away with regulations about the maximum value of any one item - this was previously 32,500 ISK - however there was some concern that having no limit would lead to problems. So the maximum value of any one item being imported is currently listed as 44,000 ISK, but will be up for review again in the near future.
Happy international shopping, everybody!
A new Customs Act was passed by Alþingi over the Christmas holidays and will be taking effect next month, Vísir