Iceland's Ministry of Finance and Economic Affairs has launched a public consultation on draft CbC reporting regulations. The draft regulations follow the recent amendment of the CbC reporting provisions contained in the Income Tax Act, which was approved in May 2019 based on feedback from the OECD ({News-2019-05-16/A/3-previous coverage}). The purpose of the draft regulations is to respond fully to the OECD's feedback to ensure that the Icelandic CbC reporting rules are in accordance with i…