Iceland: Proposed abolishment of capital gains tax on equities transactions
On 4 December 2019, the Icelandic Ministry of Finance and Economic Affairs presented a draft bill to the parliament, which includes a proposal to amend the Withholding Tax Act no. 45/1987 and to abolish tax on capital gains derived from equity transactions for taxpayers with limited tax liability.
The draft law is expected to be reviewed by the parliament in late January or February 2020.
We continue to monitor the Icelandic market for new developments and will provide more information as it becomes available.
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