Iceland published Law No. 132/2021 in the Official Gazette on 30 December 2021, which amends the Income Tax Act in relation to joint (consolidated) taxation. The amendments made by the law are in response to the comments of the EFTA Surveillance Authority (ESA) that Icelandic rules on joint taxation and utilization of remaining companies' operating losses may violate Articles 31 and 40 of the EEA Agreement on the right of establishment and the free movement of capital.
The amendments provi…