The Icelandic Ministry of Finance released the draft regulation on transfer pricing on 13 October 2014. According to the draft regulation outlining detailed transfer pricing rules was released on 13 October 2014 and when finalized this will apply from 1 January 2015. The draft regulation clarifies that the transfer pricing rules apply to both domestic and foreign related party transactions. The draft transfer pricing regulations indicate that taxpayers should take into account the provisions of the OECD Guidelines when selecting the transfer pricing method and the draft transfer pricing regulations indicate that taxpayers should take into account the provisions of the OECD Guidelines when selecting the transfer pricing method.