The Ministry of Finance and the Economy published Regulation No. 1166/2016 on the submission of country-by-country reports (CbC) on 22 December 2016. Under the article 3 of the regulation, Iceland’s parent company resident need to submit a CbC report with the Directorate of Internal Revenue before 1 year, after the close of the group’s financial year of the Group. The CbC report must incorporate data on turnover for each company within the group, tax before benefit and loss, income tax accrued in the related year, pay assess paid, enrolled capital, retained profit. If consolidated turnover of the group does not surpass ISK 100 billion in the past financial year, no provision applies in this case. The regulation applies from 1 January 2017.
