Iceland's Ministry of Finance and Economic Affairs has published a draft legislative bill for consultation on amendments to the country's current Country-by-Country (CbC) reporting requirements. The amendments are based on feedback from the OECD and include changing the current ISK denominated CbC reporting threshold to the standard EUR 750 million threshold, clarifying the secondary local filing conditions in line with OECD guidance, and adding additional provisions regarding the exemption from secondary local filing where a CbC report is filed by a surrogate parent in another jurisdiction. Comments on the draft bill may be submitted up to 13 February 2019.
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