Tag: Iceland
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Regulation No. 1166/2016 on Country-by-Country Reporting of Iceland
Regulation No. 1166/2016 on Country-by-Country Reporting establishes the rules for multinational enterprises (MNEs) in Iceland to comply with country-by-country (CbC) reporting requirements. The key points are: Iceland signed the Multilateral Competent Authority Agreement in 2016 to enable automatic exchange of CbC reports between jurisdictions.
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Article 91 of the Icelandic Income Tax Act No. 90/2003
Article 91 of the Icelandic Income Tax Act No. 90/2003 establishes the rules for determining the tax residency of legal entities in Iceland. Specifically: The Income Tax Act No. 90/2003 is the primary law governing corporate and personal income taxation in Iceland. It has been amended numerous times since its original enactment in 1979.
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Country-by-Country Reporting (CbCR) Regulation in Iceland: smart guide
Country-by-Country Reporting (CbCR) is a crucial aspect of international tax compliance for multinational enterprises (MNEs). In Iceland, the Directorate of Internal Revenue (Ríkisskattstjóri, RSK) has implemented specific guidelines aligned with the OECD’s Base Erosion and Profit Shifting (BEPS) Action 13. This article provides Chief Financial Officers (CFOs) and financial executives with a comprehensive understanding of…
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How CbC reporting is presented in Iceland
Iceland has implemented Country-by-Country (CbC) Reporting requirements in accordance with the Base Erosion and Profit Shifting (BEPS) Action Plan 13 developed by the Organisation for Economic Co-operation and Development (OECD). Multinational Enterprises (MNEs) with a consolidated group revenue of at least €750 million in the previous fiscal year are required to file a CbC report…
CbC Reporting 