Saudi Arabia: Shura Council approves income tax treaty with Iceland
The Saudi Shura Council approved the ratification of the income tax treaty with Iceland on 13 January 2025. The agreement is aimed at avoiding double taxation between the two nations. It is also expected to encourage trade and investment by
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Saudi Arabia: Shura Council approves tax treaty with Iceland
Saudi Arabia's Shura Council has approved the income tax treaty with Iceland on 13 January 2025. This follows after officials from Saudi Arabia and Iceland convened in Riyadh to sign an income tax treaty on 4 December 2024. The agreement aims to
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Iceland publishes CIT, VAT and PIT brackets for 2025
Iceland Revenue and Customs has published the key tax figures and percentages for 2025, including updates on Corporate Income Tax, Value Added Tax and Personal Income Tax. The updated rates are applicable starting 1 January 2025. Corporate
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Iceland announces CbC reporting requirements, deadline for FY 2024
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
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Iceland, Saudi Arabia sign tax treaty
In an announcement by the Saudi Press Agency (SPA), officials from Saudi Arabia and Iceland convened in Riyadh to sign an income tax treaty on 4 December 2024. The signing took place during the first day of the Zakat Tax and Customs Conference in
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Iceland approves budget bill for 2025
Iceland’s Budget Committee submitted the proposed amendments to the 2025 Budget on 15 November 2024 following its second parliamentary debate. The parliament approved the proposed amendments, incorporating them into the bill for the final round
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Iceland proposes mileage tax on fossil fuel cars, doubles carbon tax
Iceland’s Ministry of Finance and Economic Affairs submitted a bill to parliament on 22 October 2024 proposing introducing a mileage tax on fossil fuel-powered vehicles. The bill aims to eliminate excise duties on fuels and vehicles while
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Iceland consults tax law and excise duty changes
Iceland’s Finance and Economic Affairs Minister has proposed a draft bill for public consultation on 15 October 2024, putting forward various taxes and duties on lodging, VAT, income, state treasury income, public tax collection, alcohol, tobacco,
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Brazil, Iceland sign tax treaty
Brazil and Iceland have signed a new tax treaty on 14 October 2024. The agreement will introduce several key provisions, including a principal purpose test and a limitation on benefits clause. It also addresses fiscally transparent entities,
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Iceland consults for 2025 budget bill
Iceland’s Budget Committee convened on 16 September 2024 to discuss the 2025 Budget Bill, which is now open for public consultation for comments until 3 October 2024. On 13 September 2024, the 2025 Budget Bill was approved in the parliament
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FTA between Iceland, Norway, Switzerland, Liechtenstein and Moldova enters into force
The free trade agreement (FTA) between Moldova and the European Free Trade Association (EFTA), which includes Iceland, Liechtenstein, Norway, and Switzerland, will take effect on 1 September, 2024. The agreement between the EFTA member states
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Iceland amends VAT Act for cross-border services
Iceland's parliament has amended the Value Added Tax (VAT) Act 50/1988 to align the sale of services to non-resident businesses with the OECD VAT Guidelines and the EU VAT Directive. The new legislation clarifies that, in most cases, the VAT will
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Iceland, Andorra tax treaty enters into force
As per a notice published in Andorra's Official Gazette, the income and capital tax treaty between Andorra and Iceland took effect on 10 May, 2024. The treaty, the first between the two nations, was signed on 28 February, 2023. The agreement
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Costa Rica, Iceland TIEA goes into effect
The tax information exchange agreement (TIEA) between Costa Rica and Iceland took effect on 10 September, 2023. Applicable to criminal tax matters from the date it went into force, the agreement extended to other matters starting 1 January,
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Iceland proposes capital gains exemption for non-residents
The Icelandic parliament is considering a draft bill that aims to introduce change in its taxation policy. If passed, this legislation will grant an exemption on capital gains derived from the sale of shares in Icelandic companies to
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Iceland plans to adopt global minimum tax rules pillar two
On 16 April 2024, Iceland published the Fiscal Strategy Plan for 2025-2029, in which it determined to implement a global minimum tax pillar under the EU Minimum Tax Directive (Council Directive (EU) 2022/2523 of 14 December 2022. This includes the
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Iceland announces personal income tax and corporate tax changes for 2024
The Iceland Revenue and Customs has released the key rates and amounts for 2024, which provides individual income tax changes in 2024. The key changes in the monthly brackets and rates involving personal income taxes are as follows: Income
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Iceland announces CbC notification deadline for 2023
On 19 December 2023, Iceland published Notice 1525/2023 in the Official Gazette. The notice stipulates that the CbC report notification for the 2023 fiscal year must be submitted within one month from the year's end (by 31 January 2024, for the
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