On December 30, 2024 the Icelandic Directorate of Internal Revenue issued a Notice regarding country-by-country (CbC) reporting. The notice requires covered entities to notify the Directorate within one month after the end of the financial year in 2025. Notifications must include the group company responsible for tax reporting, the reporting company’s country of residence, and whether the company under the reporting obligation is the group’s parent company.
To read more on the Notice, click here.