Iceland's New Transfer Pricing Documentation Requirements

On 16 December 2014, Iceland published a new regulation concerning transfer pricing (TP) documentation requirements.

Iceland's General Transfer Pricing Rules

Iceland's current TP rules have been effective since 1 January 2014, but until now did not include detailed TP documentation requirements. Under the rules, TP documentation for both domestic and cross border transactions with related parties must be maintained when total revenue or assets of a taxpayer exceeds ISK 1 billion at the be…