Transfer Pricing Report - Iceland
Take Control of Transfer Pricing Iceland for Tax Clarity & Total Tax Compliance.
Iceland’s Transfer Pricing legislation, introduced under Article 57 of the Income Tax Act No. 90/2003 and detailed in Regulation No. 1180/2014, requires related-party transactions to comply with the arm’s-length principle.
Taxpayers engaged in domestic or cross-border related-party transactions must prepare Transfer Pricing documentation aligned with OECD BEPS Action 13 and submit it to the Directorate of Internal Revenue (RSK) upon request.
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At Transfer Pricing Report, we prepare comprehensive, transparent, and audit-ready Transfer Pricing documentation that supports defensible intercompany pricing structures.
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Still Have Questions?
Is Transfer Pricing documentation mandatory in Iceland?
Yes, Iceland requires Transfer Pricing documentation under the Income Tax Act for related-party transactions.
A complete Transfer Pricing Study ensures compliance with Iceland’s arm’s length standards.
Does Iceland follow OECD Transfer Pricing Guidelines?
Yes, Iceland aligns its TP framework with OECD principles for comparability and economic analysis.
This ensures Transfer Pricing in Iceland meets global compliance expectations.
Which transactions require a Transfer Pricing Study in Iceland?
Goods, services, loans, royalties, and IP transfers between related parties must be documented.
A Transfer Pricing Study supports defensible intercompany pricing in Iceland.
What documentation obligations apply in Iceland?
Iceland requires Local File and Master File documentation for qualifying taxpayers.
Accurate Transfer Pricing documentation ensures timely regulatory compliance in Iceland.
How does benchmarking work under Iceland’s TP rules?
Benchmarking compares Icelandic controlled transactions with independent European and global comparables.
This ensures Transfer Pricing outcomes in Iceland satisfy arm’s length criteria.
What penalties apply for TP non-compliance in Iceland?
Annual updates or revisions after major business changes are recommended.
Regular reviews maintain accurate Transfer Pricing compliance in Iceland.
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