Iceland: New deadlines for filing tax returns

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Tax procedures of tax return filling for legal entities has been amended by Law No. 124/2015 as adopted by the parliament on 28 December 2015. The deadline for filing tax returns is 31 May for legal entities with turnover exceeding ISK 600 million and assets exceeding ISK 300 million and 1 March to 10 September for other entities. Tax returns for such entities must be filed in a proportion manner during the period between 1 March and 10 September. The tax returns filing must have meet, at least: 10% by 31 May; 20% by 30 June; 55% by 15 August and 100% by 10 September. The deferment of the filing of tax returns for 2016 mainly applies to returns filed electronically.

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