On 13 October 2014, Iceland's Ministry of Finance published draft transfer pricing documentation requirements. Iceland's current transfer pricing rules became effective from 1 January 2014 and apply to transactions with both resident and non-resident related parties, but did not contain specific rules for documentation.
Under the proposed documentation requirements, taxpayers must prepare the following by the deadline of the annual tax return:
- A description of the Icelandic entity
- A descri…