OrbitaxSpecific transfer pricing provisions introduced – details
|Approved Changes|Iceland
On 1 January 2014, detailed transfer pricing (TP) rules based on the OECD Guidelines entered into force in Iceland. The new TP rules were implemented by adding four new paragraphs to article 57 of Act No. 90/2003 and enable the tax authorities to assess and make appropriate adjustments to transfer prices between related parties. Legal entities are considered related parties when:
