Iceland issues revised bill for the CbCR

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Regulation no. 1166/2016 on the documentation for CbCR (Country-by-Country Reporting) has been further revised by regulation no. 245/2017 on 24 March 2017. The revised regulation is effective on or after 24 March 2017. The revision incorporates two extra adjustments:

  • According to Regulation no.245/2017, Country-by-Country Reporting should include the applicable information on an aggregate basis for all entities within each country. In the previous regulation no. 1166/2016, this information was requested for each entity instead of collectively for each country.
  • The Country-by-Country report must be filed with the Directorate of Internal Revenue before the end of each calendar year or by the end of the financial year. In the previous regulation no. 1166/2016, the CbCR was to be filed no later than 12 months after the close of the group’s financial year.

 

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