The Icelandic Directorate of Internal Revenue has issued Notice No. 1676/2024, outlining the for country-by-country (CbC) reporting requirements for multinational enterprises for the 2024 fiscal year.

As per the notice, entities subject to CbC reporting must submit their notifications within one month after the end of the financial year, meaning that the deadline is set for 31 January 2025. Notifications must include the following information:

  • The group company responsible for tax reporting.
  • The state of residence of the reporting entity.
  • Confirmation of whether the reporting entity is the parent company of the group.

Businesses are required to submit their notifications using Form RSK 4.31, which should be emailed to milliverdlagning@skatturinn.is. Inquiries regarding the reporting obligations can also be directed to this email address.

The Notice was published in the Official Gazette on 30 December 2024.