Iceland issues revised bill for the CbCR
Regulation no. 1166/2016 on the documentation for CbCR (Country-by-Country Reporting) has been further revised by regulation no. 245/2017 on 24 March 2017. The revised regulation is effective on or after 24 March 2017. The revision incorporates two
See MoreNegotiations for DTA between Japan and Iceland
The Government of Japan and the Government of the Republic of Iceland will initiate negotiations for a tax convention between the two countries. The first round of negotiations will take place on May 17 in Tokyo. Further details of this treaty will
See MoreIceland presents fiscal plan for 2018 to 2020
The Minister of Finance and Economic Affairs announced fiscal plan for 2018 to 2020 to reduce the standard VAT rate from 24% to 22.5%. This plan will be effective from 1st
See MoreIceland updates regulation on CbC reporting
The Ministry of Finance and Economic Affairs issued Regulation No. 245/2017 amending Regulation No. 1166/2016 regarding country-by-country (CbC) reporting on 24 March 2017. The amendment aligns the wording of article 4 of the model provision related
See MoreTIEA between Singapore and Iceland enters into force
Competent authority agreement on automatic exchange of information (TIEA) of 2016 between Iceland - Singapore has been entered into force on 31st January 2017 regarding tax. The agreement is intended to ensure that Iceland and Singapore will be able
See MoreTIEA between Switzerland and Iceland enters into force
The tax exchange of information agreement (TIEA) between Iceland and Switzerland has been entered into force on 1 January 2017 through an exchange of notes (EoN). It applies from the same date of its entry into force. The agreement was signed on 26
See MoreUAE ratified TIEA with Iceland
The tax information exchange agreement (TIEA) between Iceland and the United Arab Emirates has been ratified by the United Arab Emirates on 15 January 2017 according to the Decree No. 223/2016.This TIEA was signed on 12 April
See MoreIceland: Threshold increases for VAT registration
The Directorate of Internal Revenue issued a declaration on 9 January 2017 regarding VAT registration and invoice issuance. If the supply of goods and services is below ISK 2 million within a tax year duration, the business does not need to register
See MoreIceland: The Directorate of Internal Revenue publishes tax rates and allowances for 2017
The Directorate of Internal Revenue has published some information on 29th of December 2016 regarding the applicable rates and amounts for corporate and individual taxation. A 20% corporate tax rate is pertinent for public and private limited
See MoreDTA between Albania and Iceland enters into force
The Icelandic tax authorities announced the Albania - Iceland Income Tax Treaty of 2014 entered into force on 6 January 2016 and applies from 1 January
See MoreIceland: Ministry of Finance publishes regulation on country-by-country reporting
The Ministry of Finance and the Economy published Regulation No. 1166/2016 on the submission of country-by-country reports (CbC) on 22 December 2016. Under the article 3 of the regulation, Iceland’s parent company resident need to submit a CbC
See MoreDTA between Austria and Iceland approved
The Austrian National Council approved the Austria - Iceland Income and Capital Tax Treaty (2016) on 15 December 2016 for the avoidance of double taxation. The treaty generally follows the OECD Model. According to the new treaty the maximum rates of
See MoreSingapore-signed competent authority agreement on automatic exchange of information with Iceland
The government of Singapore signed the Competent Authority Agreement on Automatic Exchange of Information (2016) with Iceland on 13 December 2016. The Agreement stipulates details about what information would be exchanged and when according to OECD
See MoreIceland: Ministry of Finance presents the fiscal budget proposal for 2017
The Ministry of Finance presented the fiscal budget proposal to the Parliament on 6 December 2016, regarding to the fiscal policy and plan over a perspective of five years, which were approved in August and supports to a new unrefined budget law.
See MoreIceland: Parliament approves the BEPS Actions 4, 7 and 13
Parliament approved Bill No. 787 (the Bill) implementing BEPS Actions 4, 7 and 13 on 13 October 2016. Details of the Bill are given below. Bill No. 787 adopted by the parliament proposes a fixed ratio rule, limiting corporate tax deductions for net
See MoreIceland: New deadlines for filing tax returns
Tax procedures of tax return filling for legal entities has been amended by Law No. 124/2015 as adopted by the parliament on 28 December 2015. The deadline for filing tax returns is 31 May for legal entities with turnover exceeding ISK 600 million
See MoreIceland Modifies Transfer Pricing Rules
Iceland's Parliament has approved a Bill on 15 June 2015 amending article 57 of the Icelandic Income Tax Act No. 90/2003 setting out transfer pricing rules. According to the Bill entities with turnover or total assets exceeding ISK 1 billion need
See MoreIceland: IMF makes recommendations on fiscal policy
The International Monetary Fund (IMF) has issued a report following a visit by staff to Iceland for consultations under Article IV of the IMF’s articles of agreement. A selected issues paper has also been published highlighting important themes
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