the taxation is currently based on 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 openaccess coastal fishery scheme and the increased resource renttaxation the icelandic development also prove the longterm stability of marketbased 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