Iceland's Ministry of Finance has published draft legislation containing various amendments to different tax laws. Some of the main amendments include:
- An increase in the cost threshold for assets that may be fully expensed in the year of acquisition from ISK 250,000 to ISK 600,000;
- An extension of the time limit for tax re-determinations by the tax authority from 6 years to 10 years in the case of bribery offenses (10-year limit already applies for taxpayers in low-tax countries);
- The intr…