The taxation is currently based on 33% of the earnings before tax and then distributed on the different species with considerations for operational costs and value created on land. Hence, Iceland has also experienced the negative and positive effects of quota markets and the related public debates and controversies. Despite recent changes to the ITQ system through the introduction of the open-access coastal fishery scheme and the increased resource renttaxation, the Icelandic development also prove the long-term stability of market-based instruments and property rights in fisheries management. However, as indicated by the recently elected government, which has declared that it will increase the support for coastal fisheries and reassess the resource rent system, discussions are not over.