Iceland has 41 tax agreements in force, as reported in its response to the Peer Review questionnaire, including the multilateral Nordic Convention concluded with Denmark, the Faroe Islands, Finland, Norway and Sweden (the “Nordic Convention”).1 Two of its agreements, the agreements with Japan and Liechtenstein, comply with the minimum standard.

Iceland signed the MLI in 2017, listing 35 tax agreements.

Iceland is generally implementing the minimum standard through the inclusion of the preamble statement and the PPT.2

The agreements that will be modified by the MLI will come into compliance with the minimum standard once the provisions of the MLI take effect.

Iceland indicated in its response to the Peer Review questionnaire that bilateral negotiations would be used with respect to its agreement with Austria, Germany and Greenland.

The Parties to the Nordic Convention signed a complying instrument in 2018.

No jurisdiction has raised any concerns about their agreements with Iceland.


← 1. See the Multilateral convention concluded by Denmark, Finland, the Faroe Islands, Iceland, Norway and Sweden: for the avoidance of double taxation with respect to taxes on income and on capital (1996, 1997, and 2008). In total, Iceland identified 45 "agreements" in its List of Tax agreements: 40 bilateral agreements and the Nordic Convention concluded with five of its treaty partners.

← 2. For its agreements listed under the MLI, Iceland is implementing the preamble statement (Article 6 of the MLI) and the PPT (Article 7 of the MLI). Iceland has also accepted to implement a simplified LOB in agreements concluded with partners that opted in for the simplified LOB under Article 7(7)(a) of the MLI.

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