TP regulation round-up: Iceland and Guatemala

International Tax Review is part of Legal Benchmarking Limited, 4 Bouverie Street, London, EC4Y 8AX

Copyright © Legal Benchmarking Limited and its affiliated companies 2025

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

TP regulation round-up: Iceland and Guatemala

clarity50.jpg

Iceland has recently enacted transfer pricing legislation but Guatemala has announced its laws will be delayed until 2015.

Iceland’s transfer pricing legislation will follow OECD guidelines and is effective from January 1 2014.

Previously, Icelandic officials only had access to a general anti-avoidance principle which provided for adjustments for transactions when the authorities demonstrated that the basis for the price, as reported, was abnormal.

Guatemala has postponed the transfer pricing legislation that was enacted in February 2012. While the rules were originally scheduled for an effective date of January 2013, it seems neither taxpayers nor the authorities are prepared for them.

Article 27 of Decree No 19/2013 has delayed the legislation until January 1 2015 but the authorities have a right to request transfer pricing documentation through the course of 2015.

more across site & shared bottom lb ros

More from across our site

A German economics professor was reportedly ‘irritated’ by how the Finnish ministry of finance used his data
Countries that care about the fair taxation of tech multinationals and equitable global distribution of wealth should back the UN’s tax framework, writes economist Abdelmalek Riad
The cuts disproportionately affected staff in certain positions, the report also found; in other news, MHA announced the €24m acquisition of Baker Tilly South East Europe
The plan aims to improve the efficiency, transparency, and effectiveness of direct tax administration in India
Meanwhile, South Africa’s finance minister has accepted a court decision on suspending a VAT increase and US President Donald Trump mulls a 100% tariff on foreign films
Jaime Carey speaks about the benefits of his tax background, DEI values, the use of AI for a smarter legal practice, and other priorities that will define his presidency
Historically low levels of attrition over consecutive years made a ‘difficult decision’ necessary, PwC has reportedly said
WTS Global is also vetting new potential member firms in Algeria, Cote D’Ivoire and Benin, Kelly Mgbor tells ITR in an exclusive interview
The scope of qualifying pillar two tax credits could reportedly be broadened; in other news, hundreds of IRS appeals staff are to resign
For many taxpayers, the prospect of long-term certainty that a bilateral APA offers can override concerns about time, cost and confidentiality
Gift this article