Iceland
Overview of CbC reporting requirements
First reporting fiscal year: Commencing on or after 1 January 2017
Consolidated group revenue threshold: ISK 100 billion
Filing deadline: 12 months following the end of the reporting fiscal year
The domestic legal and administrative framework
In its 2017/2018 peer review, it was recommended that Iceland amend or otherwise clarify the definition of ‘Ultimate Parent Entity” in a manner consistent with the definition contained in the terms of reference. Iceland has made a legislative change and this recommendation is therefore removed.1 2 3
The exchange of information framework
Iceland confirms that its rules have not changed and continue to be applied effectively. Iceland continues to meet all terms of reference.
Appropriate use of CbC reports
Iceland confirms that its rules have not changed and continue to be applied effectively. Iceland continues to meet all terms of reference.
Notes
← 1. https://www.stjornartidindi.is/Advert.aspx?RecordID=929ac988-caf5-4bf7-b5d4-48f594cc7cd8.
← 2. Iceland’s 2017/2018 peer review included a monitoring point in relation to the issuance of updated interpretation or clarification of "Revenues – Related Party" within a reasonable timeframe to ensure consistency with OECD guidance. Iceland indicates it is in the process of updating existing guidance. This monitoring point remains in place.
← 3. Iceland’s 2017/2018 peer review included a general monitoring point relating to a specific process that would allow it to take appropriate measures in case Iceland is notified by another jurisdiction that such other jurisdiction has reason to believe that an error may have led to incorrect or incomplete information reporting by a Reporting Entity or that there is non-compliance of a Reporting Entity with respect to its obligation to file a CbC report. This monitoring point remains in place.