Revised Transfer Pricing Rules as from 15 June 2015

The OECD Transfer Pricing Guidelines were legislatively implemented in Iceland with effect from 1 January 2014 through new articles in the Income Tax Act. A regulation on the topic was issued in December 2014 and the above-mentioned articles were also amended in June 2015. The authors consider these changes, effects on domestic related entities, documentation requirements and tax return disclosures.