On 12 July 2019, the Ministry of Finance and Economic Affairs has opened a public consultation on draft CbC reporting regulations. The draft regulation includes the measures outlining the income, taxes, and economic activities of multinational groups. Under this a domestic parent company will be exempted from submitting CbC reporting if group’s total revenue is less than 750 million euros (US$844.5 million) for the previous tax year. The regulations do not change the CbC reporting requirements but rather serve to clarify and confirm the requirements, in line with international standards. The deadline for comments on the draft regulations is 12 August 2019.
Next post
France issues new guidelines for GAAR
»
France issues new guidelines for GAAR
Related Posts
Iceland approves industrial policy to boost growth, competitiveness through 2035
June 02, 2026
The Government of Iceland has approved a new industrial policy that sets out a long-term vision for economic growth,
Read More
Iceland cuts fuel VAT to 11% for summer period
May 04, 2026
Iceland's parliament has approved emergency legislation to slash the VAT rate on fuel from 24% to 11% for four months,
Read More Iceland: Government approves temporary reduced VAT on fuel
April 15, 2026
Iceland’s government has approved a package of emergency economic measures to curb inflation and mitigate the impact
Read More Iceland: Court of Appeals rule taxpayers must prove arm’s length pricing in related-party deals
March 05, 2026
The Icelandic Court of Appeals (Landsréttur) upheld the ruling of the District Court of Reykjavík in Iceland’s
Read More
Bosnia and Herzegovina, Iceland hold negotiations for income tax treaty
February 25, 2026
Bosnia and Herzegovina’s Ministry of Foreign Affairs announced that officials from Bosnia and Herzegovina and Iceland
Read More
Saudi Arabia, Iceland income tax treaty enters into force
January 28, 2026
The income tax treaty between Iceland and Saudi Arabia entered into force from 1 January 2025. Signed on 4 December
Read More