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Iceland Repeals Resident Lender Exemption for New Interest Deduction Rules

|Approved Changes|Iceland
Iceland

On 1 June 2017, Iceland's parliament voted to approve the Law amending various provisions on taxes, duties, and charges. One of the main amendments of the law impacting companies is the repeal of item B under paragraph 3 of Article 57b of the Income Tax Act, which provided an exemption from Iceland's new interest deduction limitation rules where the lender has an unlimited tax obligation in Ice…

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