Iceland Parliament Approves Amendments to CbC Reporting Requirements

On 7 May 2019, Iceland's parliament approved amendments to Article 91 of the Income Tax Act, which includes the provisions for Iceland's Country-by-Country (CbC) reporting requirements. The amendments are based on feedback from the OECD and include:

• Clarifying amendments to include the term multinational in reference to groups subject to CbC reporting;
• A change in the reporting (exemption) threshold from ISK 100 billion to the standard EUR 750 million consolidated group revenue in the previ…