Iceland’s Parliament has approved a Bill on 15 June 2015 amending article 57 of the Icelandic Income Tax Act No. 90/2003 setting out transfer pricing rules. According to the Bill entities with turnover or total assets exceeding ISK 1 billion need not document local controlled transactions. The description of related entities for transfer pricing includes legal entities owned, directly or indirectly, or governed by individuals who are related through business or investment.