Iceland Gazettes Law Amending Income Tax Act on Joint Taxation

The Icelandic Official Gazette Dec. 30, 2021, published Law No. 132/2021, amending the Income Tax Act on joint taxation. The law includes measures: 1) allowing the joint taxation of Icelandic companies with their permanent establishments (PEs) located in members of the European Economic Area (EEA), the European Free Trade Association, or the Faroe Islands; and 2) allowing a PE’s losses to be deducted by an Icelandic company, if the losses can’t be claimed in a foreign jurisdiction. The law enters into force Jan. 1, 2022. [Iceland, Official Gazette, 12/30/21]

Reference:
View Law No. 132/2021, Official Gazette Issue A. View ...