EFTA (Iceland, Norway, Liechtenstein, Switzerland) and Ukraine sign FTA
The European Free Trade Association (EFTA) member states—Iceland, Liechtenstein, Norway, and Switzerland have signed a free trade agreement (FTA) with Ukraine on 8 April 2025. The agreement will contribute to Ukraine’s resilience, recovery
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Iceland, Philippines start tax treaty negotiations
As of 26 March 2025, officials from Iceland and the Philippines recently convened to explore opportunities for bilateral cooperation, focusing on initiating negotiations for an income tax treaty. Iceland's non-resident Ambassador to the
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EFTA-Moldova free trade agreement enters into force in relations between Moldova and Switzerland
The free trade agreement (FTA) between Moldova and the European Free Trade Association (EFTA) states will take effect in relations between Moldova and Switzerland on 1 April 2025. The European Free Trade Association (EFTA), established in 1960,
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Iceland joins CRS MCAA amendment
Iceland has signed the Addendum to the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (Addendum to the CRS MCAA). The Addendum to the CRS MCAA introduces new data points for exchange under the
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Iceland joins crypto-asset reporting agreement (CARF-MCAA)
According to an OECD update, Iceland signed the Multilateral Competent Authority Agreement on Automatic Exchange of Information under the Crypto-Asset Reporting Framework (CARF MCAA) on 11 March 2025. The CARF standardises the reporting of tax
See MoreOECD: Report on Simplified Peer Review of Iceland under BEPS Action 14
On 4 March 2025 the OECD issued a stage one simplified peer review report on Iceland under BEPS action 14. The report sets out the results of Stage 1 of the simplified peer review of the implementation of the minimum standard on making dispute
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Iceland issues guidance digital platform reporting rules
Iceland’s Revenue and Customs has released guidance on the country’s new reporting requirements for digital platforms. Effective 1 January 2025, these regulations mandate platforms to report income distributed to sellers. The first
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Iceland includes Pillar Two global minimum tax bill in 2025 parliamentary agenda
Iceland’s government has published the 2025 parliamentary agenda which includes a bill to introduce a 15% minimum tax on multinational corporations with annual revenues over EUR 750 million aligning with the OECD Inclusive Framework and the EU
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Iceland launches business tax return filing website for 2024
Iceland’s Revenue and Customs (RSK) has launched its website for business tax return filings for 2024. The tax filings must be completed only in Icelandic. The Instructions for completing the returns are: RSK 8.05 (Tax return for businesses -
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European Free Trade Association signs FTA with Kosovo
The European Free Trade Association (EFTA) states (Iceland, Liechtenstein, Norway and Switzerland) and Kosovo has signed a free trade agreement (FTA) on 22 January 2025 in Davos, Switzerland. The EFTA-Kosovo Agreement covers trade in goods,
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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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