Tax in Iceland

Deloitte Legal ehf.

At Deloitte Legal ehf., the tax team consistently advises on a range of work, including non-contentious advisory work that is often complex and cross-border, and contentious dispute resolution. They have specialists in the full gamut of tax issues, such as transfer pricing, business tax issues, and indirect taxation. Practice co-heads Guðbjörg Þorsteinsdóttir, Haraldur Ingi Birgisson, and Símon Þór Jónsson each bring strong expertise, with Guðbjörg providing extensive experience in the field, and Haraldur and Símon specialising in work with international components, aided by the firm’s global network. Other key members of the team include Sandra Lind Valsdóttir and Arnór Egill Hallson.

Praxisleiter:

Guðbjörg Þorsteinsdóttir; Haraldur Ingi Birgisson; Símon Þór Jónsson


Weitere Kernanwälte:

Sandra Lind Valsdóttir; Arnór Egill Hallsson


Referenzen

‘The team is available, communicative, efficient, and proficient in providing answers to the questions raised.’

‘Knowledgeable on topics. Easy access to individuals.’

‘The team’s leading strength and capabilities include deep knowledge of applicable laws and regulations, as well as standard practices. They also emphasize and introduce digitization and automation in order to improve efficiency.’

Kernmandanten

Samherji hf.


Kerecis hf.


Ölgerðin hf.


Askja hf.


Íslandsbanki hf.


Íslenskir aðalverktakar hf.


deCode (Íslensk Erfðagreining) ehf.


Rotovia hf.


Central Bank of Iceland


Carbfix hf.


Síldarvinnslan hf.


Kaldalón hf.


Hampiðjan hf.


Samkaup hf.


Efla hf.


CCP hf.


Travel Connect hf.


Lyf og Heilsa ehf.


Reiknistofa bankanna hf.


Arnarlax


Eignarhaldsfélagið Hornsteinn ehf.


TDK Foil Iceland ehf.


Highlight-Mandate


  • Assisted Askja on its acquisition by a UK automotive distributor and was Askja’s lead advisor in two tax dispute cases.
  • Provided tax advice in Iceland in relation to a large cross-border voluntary takeover offer to shareholders of a large, listed company in Iceland.
  • Provided a multinational conglomerate with various tax services regarding its leisure and beverage operation in Iceland.

KPMG Law in Iceland

With strong specialists in tax law, the team at KPMG Law in Iceland expertly handles cases for its wide range of clients, often involving complex, cross-border aspects. Leading the team is Ágúst Karl Guðmundsson, who brings long-standing tax experience and international expertise, and Soffía Eydís Björgvinsdóttir, who brings further tax support and particular skills in due diligence. Additionally supporting them are VAT specialist Kristinn Jónasson and Ævar Hrafn Ingólfsson, who provides advice on corporate law and financing. Ása Kristín Óskarsdóttir is another key contact.

Praxisleiter:

Ágúst Karl Guðmundsson; Soffía Eydís Björgvinsdóttir


Weitere Kernanwälte:

Kristinn Jónasson; Ævar Hrafn Ingólfsson; Ása Kristín Óskarsdóttir


Referenzen

‘KPMG’s tax team has strong technical expertise and the benefit of a broad international network, which allows them to deliver comprehensive advice in cross-border matters.’

‘Soffía Eydís Björgvinsdóttir is an outstanding tax specialist with deep expertise and a practical approach that adds real value. She combines strong technical knowledge with the ability to explain complex issues clearly, making her advice both accessible and reliable. Her professionalism and precision set her apart and make her a trusted advisor in challenging tax matters.’

Kernmandanten

Ministry of Industries


Samtök fyrirtækja í sjavarútvegi


Horizon Investments ehf.


Qair Ísland ehf.


BLUE Car Rental ehf.


Ministry of Food, agriculture and fisheries


Össur hf.


Ardian Infrastructure


Landsbankinn hf.


Marel hf.


Eimskip hf.


Arion Banki hf.


Eignarhaldsfélagið Hof ehf.


Sunstone IV hf. (Now Míla Holding hf.)


Controlant hf.


Air Atlanta


PEGA ehf.


Fluidstack


Metdist Technologies Ltd.


Heimar hf.


Eik Fasteignafélag hf.


Annata hf.


Handpoint ehf.


Másbúðir ehf.


Lífeyrissjóður Verslunarmanna


Gildi – lífeyrissjóður


Hagar hf.


Bláa Lónið hf.


Flekaskil ehf.


Highlight-Mandate


  • Provided legal and tax support to FluidStack IS ehf. regarding the import of Exscale GPU clusters for AI cloud computing services.
  • Advised Lífeyrissjóður verzlunarmanna on tax issues arising from the restructuring of investment portfolios.
  • Advised the Infrastructure Association of the Westfjords on a landmark fiscal footprint analysis.

ADVEL Attorneys at Law

The tax practice at ADVEL Attorneys at Law is led by Ragnar Guðmundsson and Bjarni Þór Bjarnason and gives expert advice to a range of clients, including major financial institutions and tech companies. Ragnar combines his knowledge of corporate and tax law to provide specialised support on corporate due diligence matters, whilst Bjarni brings strong experience in the field. They are regularly supported by Birgitta Saga Jónsdóttir, who provides broad legal experience across a variety of areas, including corporate law, EU law, and IP.

Praxisleiter:

Ragnar Guðmundsson; Bjarni Þór Bjarnason


Weitere Kernanwälte:

Birgitta Saga Jónsdóttir


Referenzen

‘They are able to give in-depth answers if so required.’

Kernmandanten

Arion Bank


Advania Group


VÍS


Klappir Green Solutions


Rapyd Europe hf.


atNorth


Öryggismiðstöðin hf.


Nasdaq CSD Iceland


Alfa framtak


Qair Iceland


Highlight-Mandate


  • Advised Vátryggingafélag Íslands on the acquisition of Fossar Investment bank hf.
  • Advised the first Icelandic search fund, Leitar Capital, and its investment vehicle, Seek, in connection with the first Icelandic search fund investments.
  • Advised atNorth in a landmark dispute with the tax authorities respecting VAT treatment of cross-border services.

BBA//Fjeldco

Led by practice head Páll Jóhannesson, the tax team at BBA//Fjeldco handles a range of work for its clients, including cross-border tax advice, due diligence, and restructuring advice. Páll provides strong experience in the field, having advised on numerous domestic and cross-border matters across a variety of industries such as energy, food processing, tech, and banking. He is supported regularly by Austri Þorsteinsson, who brings further skills in VAT issues, tax litigation, and particularly in corporate due diligence work.

Praxisleiter:

Páll Jóhannesson


Weitere Kernanwälte:

Austri Þorsteinsson


Referenzen

‘We’ve worked with Páll Jóhannesson and Austri Þorsteinsson. They are knowledgeable and responsive.’

‘The tax team at BBA//Fjeldco is noted for its strong expertise in corporate and international tax. They excel in cross-border structuring, transfer pricing, and the tax aspects of complex transactions and international operations. We highly value their responsiveness, guidance, and ability to translate technical issues into practical solutions. With hands-on partner involvement and a collaborative approach, the team is seen as a trusted, proactive adviser in the Icelandic market.’

‘Páll Jóhannesson and Austri Þorsteinsson form a highly knowledgeable and approachable team in the BBA//Fjeldco tax department. Páll brings deep experience in corporate, international, and indirect tax, combined with sharp analytical skills and excellent judgement. Austri complements this with his strong technical foundation, responsiveness, and a very client-oriented attitude. They are a pleasure to work with, always reachable, and provide clear, practical guidance even on complex matters.’

Kernmandanten

Crusoe Energy Systems


Alfa framtak ehf.


Gebr. Heinemann SE & Co. KG


Skagi Group


Grant Thornton endurskoðun ehf.


ST eignarhaldsfélag ehf.


Controlant hf.


Kvika Bank hf.


Rotovia hf.


Certa Insurance Partners


Arion banki hf.


Hopp ehf.


Aldir ehf.


CRI hf.


De Lage Landen Finans AB


DLA Piper


Hili AS / Hili Iceland ehf.


JBT Marel Corporation


SKEL fjárfestingafélag hf.


JNE Penny S.á r.l.


Kroll Trustee Services Limited


Styrkás hf.


Brú lífeyrissjóður


Highlight-Mandate


  • Provided lead Icelandic counsel for Crusoe Energy System LLC on establishing and expanding data center capacity and securing credit facility.
  • Advised Alfa Framtak ehf. on the acquisition of a majority share of Lyf og heilsa.
  • Provided tax and legal counsel for Gebr. Heinemann SE & Co. on the public procurement tender process for the Keflavik Airport concession.

LOGOS

With a recognised presence in the tax market, the team at LOGOS regularly provides advice to its clients, who include major financial institutions and tech companies, on contentious matters, and with experience representing clients before the Icelandic Supreme Court. Co-leading the team is Bjarnfreður Ólafsson and Jón Elvar Guðmundsson, both longstanding experts in tax law, with Bjarnfreður a respected advisor on transactional work and Jón Elvar bringing key skills in litigation, having worked on some of the largest tax disputes in Icelandic history. Another key contact at the firm is Elva Þóra Arnardóttir.

Praxisleiter:

Bjarnfreður Ólafsson; Jón Elvar Guðmundsson


Weitere Kernanwälte:

Elva Þóra Arnardóttir


Referenzen

‘Professional team – very prompt.’

Kernmandanten

Adira ehf.


AEX Gold


Arctica finance


Arion Bank


Arnarlax ehf.


Borealis Data Center ehf.


CCP ehf.


Foobar Iceland ehf.


Frigus Family Office


Google / Alphabet


Kvika Bank


Nordural ehf.


Pekron Family Office


Rio Tinto Iceland hf.


Summa Asset Management


TecEx Group Ltd.


XTX Markets Ltd.


115 Security ehf.


Highlight-Mandate


  • Litigated on behalf of 115 Security ehf. before the State Tax Board (STB), the District Court and the Appeal Court.
  • Litigated a case on behalf of XTX Markets Limitedehf. before the Supreme court.
  • Litigating a transfer pricing dispute with the Icelandic tax authorities for Rio Tinto Iceland.

Lex Law Offices

The tax team at Lex Law Offices provides consistent tax advice to clients, who include major aquaculture companies and travel agencies. Practice head Garðar Víðir Gunnarsson brings a range of legal knowledge and expertise on both domestic and international matters, with particular skills in corporate tax advice. Other important members of the team are Guðrún Lilja Sigurðardóttir, who brings further knowledge in competition law, maritime law, and litigation, and Fjölnir Ólafsson, a specialist in tolls and customs.

Praxisleiter:

Garðar Víðir Gunnarsson


Weitere Kernanwälte:

Guðrún Lilja Sigurðardóttir; Fjölnir Ólafsson


Referenzen

‘The Icelandic market is a uniquely challenging environment to navigate, which makes trusted legal counsel particularly important. We have been very satisfied with the lawyers and the services provided by this team. They combine local knowledge with practical solutions, which is essential for clients operating from abroad.’

‘Garðar Víðir Gunnarsson is one of our go-to lawyers in Iceland, and we have consistently been impressed by his work. What sets them apart is their ability to deliver clear, practical advice with a very quick turnaround, particularly on product compliance and ET-related questions.’

Kernmandanten

BioMar Ltd. / BioMar Iceland ehf.


JTI Sweden / JT International


Indie Holdings. S.A (Indie Campers Iceland ehf.)


Highlight-Mandate


  • Provides BioMar Ltd. with legal assistance for the setup of its operation in Iceland through the wholly owned subsidiary BioMar Iceland ehf.
  • Continues to provide legal advice to JT International and JTI Sweden in respect of regulatory compliance concerning tobacco products and the conditions for the import, taxation and marketing thereof.
  • Assisting Indie Holdings S.A in relation to a dispute with customs authorities regarding the customs value of imported vehicles.