Iceland's Ministry of Finance and Economic Affairs is consulting on a draft bill amending the Income Tax Act in relation to joint (consolidated) taxation. The draft is a resubmission of measures proposed in prior bills that had also included certain interest deduction and CFC provisions that were not ultimately approved.
The latest draft concerns joint taxation only, which is in response to the comments of the EFTA Surveillance Authority (ESA) that Icelandic rules on joint taxation and uti…