Africa
Iceland
Asia-Pacific
Europe
Europe
Estonia
Americas
Americas
Asia-Pacific
Georgia publishes amended text of tax treaties with Iceland, Ireland, Finland, Luxembourg, Slovenia
Gela Barshovi a tax adviser and managing partner of TPsolution, Tbilisi, discusses the Republic of Georgia’s July 23 publication of the synthesized text of tax treaties with five countries, as amended by the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting . . .
Europe
Europe
Americas
EU Parliament adopts controversial report on tax avoidance and evasion
Davide Anghileri of the University of Lausanne, Switzerland, writes that the EU Parliament endorsed a report March 26 that calls out seven member states for their role in facilitating aggressive tax planning and recommends countermeasures against the US should it fail to provide FATCA reciprocity . . .
Europe
Africa
Asia-Pacific
Asia-Pacific
Japan, Iceland agree to tax treaty
Japan and Iceland have agreed in principle to tax treaty, the Japanese government . . .
Asia-Pacific
Iceland and UAE sign tax information exchange agreement
Iceland has signed a tax information exchange agreement with the UAE, completing an effort to sign such agreements with low-tax countries . . .
Asia-Pacific
Japan, Iceland to negotiate tax treaty
The governments of Japan and Iceland will initiate negotiations for. . .
Africa
US has agreed to country-by-country tax info exchange with 11 countries, OECD says
The United States has so far put in place 11 bilateral competent authority arrangements for the automatic exchange of country-by-country reports, the OECD reported a June 22 release. The US now has . . .
Asia-Pacific
Europe
Liechtenstein and Iceland agree to terms of tax treaty
Liechtenstein and Iceland have agreed to sign a new tax treaty, Liechtenstein’s Ministry of Finance . . .
Americas
China, India, Canada, Iceland, Israel, New Zealand agree to exchange of country-by-country transfer pricing reports
Officials from six countries today signed a multilateral agreement that sets out the parameters for the automatic exchange of country-by-country reports on large multinational corporations. China, India, Canada, Iceland, Israel, and New Zealand joined 33 other countries that have . . .
Americas
US IRS gives countries with “in substance” FATCA IGAs more time to sign IGAs, adds more countries to the “in substance” list
The US IRS on December 1 released an advance copy of guidance that provides that countries that have reached FATCA intergovernmental agreements (IGAs) “in substance” that do not sign an IGA by December 31 will continue to be treated as if an IGA was in effect as long as the country displays a “firm resolve” to sign an IGA as soon as possible. The new guidance . . .
Europe
Iceland amends transfer pricing rules
Iceland has revised its transfer pricing rules to no longer require documentation for domestic transactions, narrow the definition of related entities, and remove a reference to the . . .
Americas
Switzerland announces entry into force of tax treaties with Iceland and Cyprus and protocols with Estonia and Uzbekistan; signing of TIEA with Brazil
The Swiss government on November 24 announced that double tax agreements signed by Switzerland and Cyprus, Iceland, Estonia, and Uzbekistan have entered into force. The goverment also announced that Switzerland signed . . .
Asia-Pacific
Hong Kong signs TIEAs with Denmark, the Faroes, Greenland, Iceland, Norway, and Sweden
Hong Kong signed tax information exchange agreements with six jurisdictions on August 22: Denmark, the Faroe Islands, Greenland, Iceland, Norway, and Sweden, according to . . .
Europe
Switzerland and Iceland sign double tax agreement
Switzerland and Iceland, on July 10, signed a double taxation agreement which includes exchange of information provisions and an arbitration clause. The agreement replaces a 1988 double tax agreement. Under the new agreement, royalties are subject to no more than 5 percent tax in the source state. The parties agreed to a withholding tax exemption for divided payments from significant holdings of at least 10 percent and for divided payments to pension funds and national banks. The agreement specifies that pension contributions in the other country are deductible. For more details, see press release.
Americas
US signs Model 1 FATCA IGAs with Iceland and Romania
The US Treasury Department has updated its FATCA website, reporting that Iceland has signed a Model 1 intergovernmental agreement (IGA) with the US as of May 25 and that Romania has signed a Model 1 IGA with the US as of May 28. The text of the agreements are available. See, FATCA IGA with Romania, FATCA IGA with Iceland.
Asia-Pacific
OECD holds Asia-Pacific regional meeting on BEPS
Tax officials from 21 Asia Pacific countries and organizations attended an OECD regional network meeting on base erosion and profit shifting (BEPS) designed to give more nations a voice in the development of OECD/G20 base erosion profiting shifting (BEPS) plan output. The meeting, held February 12–13 in Seoul, also . . .
Europe
UK/Iceland treaty enters into force, text available
A tax treaty between the UK and Iceland, signed December 17, 2013, entered into force on November 10, the UK government announced December 15. See, text of UK/Iceland treaty.
