On 16 June 2015, the Icelandic parliament passed a bill relaxing the country's transfer pricing (TP) documentation requirements. With immediate effect, if a company only has related party transactions with Iceland tax residents, then they are not required to prepare TP documentation.
Companies that do have related party cross border transactions remain subject to the original rule, which has applied since 1 January 2014. Under the rule, a company is required to prepare TP documentation for …