Tax in Iceland


BBA//Fjeldco‘s tax group works closely with other departments across the firm to provide a comprehensive service to a diverse range of clients, including domestic banks, energy companies, and private equity houses. The team has a track record in advising on complex international and cross-border mandates, and covers a broad range of areas including M&A transactions, due diligence work, and VAT matters, in addition to tax disputes. Team lead Páll Jóhannesson is a highly experienced tax specialist, and regularly acts for both domestic and international clients. Associate Austri Þorsteinsson is also a name to note within the team.

Practice head(s):

Páll Jóhannesson

Other key lawyers:

Austri Þorsteinsson


‘Very professional, polite and responsive.’

‘Páll Jóhannesson consistently provides great service, with a solution-oriented approach, and a firm knowledge of tax law.’

Key clients

Kvika bank hf.

Íslandsbanki hf.

Arion Bank hf.

Valitor hf. / Rapyd Financial Network (2016) Ltd.

Fossar Investment Bank hf.

Grant Thornton Iceland

Kaupthing ehf.

Stefnir hf.

Marel hf.

Nova hf.

Isafold Capital Partners

Arctic Green Energy

Wellington Partners

Glymur hf.

Deloitte Iceland

Deloitte Legal ehf. is a leading name for the full gamut of tax matters in Iceland, spanning business taxes, indirect tax issues, transfer pricing work, and tax issues related to M&A and other transactions. Benefiting from the broad expertise and international network of the firm, the department caters to a prestige client base of domestic and international groups. Guðbjörg Þorsteinsdóttir is highly experienced in tax matters across a diverse range of industries; she co-leads the department alongside Haraldur Birgisson, who is managing partner and leads on transfer pricing matters. Arnor Hallson handles both corporate and individual tax matters.

Practice head(s):

Guðbjörg Þorsteinsdóttir; Haraldur Birgisson

Other key lawyers:

Arnor Hallsson


‘The team is very good within Deloitte. Knowledge of individual projects is good within the company. There is a high level of service and the follow-up on projects is exemplary.’

‘It is professionalism and professional knowledge of the subject that is most important to me. Haraldur Birgisson has provided me with good service over the past few years, not least of all his comprehensive knowledge of the projects he has undertaken. I give him my best recommendation.’

‘Deloitte offers strategic thinking and structured storylines, and provides the right support within appropriate timelines.’

‘Good overall work, really put their effort and time into the projects.’

‘Good skills and good knowledge of the nature of our business. Knowledge of tax practices. Connection with Deloitte in other countries.’

‘The co-operation is comfortable and communication open and honest. My contact is solution-oriented.’

Key clients

LBI ehf.

Bláa Lónið hf.

Festi hf.

Samherji hf.

Rotovia hf.

Verne Global hf.

Kerecis hf.

Hampiðjan hf.

Ísfélagið hf.

Steypustöðin hf.

deCode (Íslensk erfðagreining) ehf.

Vinnslustöðin hf.

Matorka ehf.

SSP Iceland ehf.

Work highlights

  • Provided Kerecis with various tax services in relation to Coloplast’s $1.2bn acquisition of Kerecis.
  • Provided tax vendor due diligence advice to the Blue Lagoon, Iceland‘s biggest tourist destination, in relation to its plan to list on the Nasdaq OMX Iceland exchange.
  • Provided buy side tax due diligence advice to Festi, one of Iceland’s largest retailers, on its approx. ISK8bn acquisition of Lyfju.


LOGOS‘ ‘reliable, smart and fast thinking‘ team is a leading name in the market for tax disputes, with a strong track record in litigation before the relevant authorities, and at all levels of the Icelandic courts. The group additionally handles a broad range of non-contentious tax matters, including handling due diligence work relating to M&A transactions, as well as advising on financial restructurings and investments. Bjarnfreður Ólafsson is described by clients as ‘arguably Iceland’s best tax lawyer’, and is a prominent expert in VAT matters. Ólafsson co-leads the department with Jón Elvar Guðmundsson, a highly active thought leader with significant experience in tax disputes.

Practice head(s):

Bjarnfreður Ólafsson; Jón Elvar Guðmundsson


‘We mainly work with Bjarnfreður Ólafsson, who is a great lawyer and very easy to deal with.’

‘Very reliable, smart and fast thinking and updated on what’s going on. ’

‘Honest. Calm. True to themselves. Smart.’

‘Jón Elvar Guðmundsson has strong fundamental knowledge and integrity, and the ability to clarify complex issues in an understandable fashion.’

‘It’s a very slick operation from the top down. Hard to fault in terms of how this firm operates, which is altogether extremely reassuring. You get what you pay for!’

‘We are lucky to have worked with arguably Iceland’s best tax lawyer. Committed, tenacious and brilliant. In our case, Bjarnfreður Ólafsson saw things as they were from the start and the course of action never really wavered.’

Key clients

Kvika Bank hf.

CCP ehf.

Foodco ehf.

AEX Gold

Adira ehf.

Deutsche Bank

Elkem Iceland ehf.

Rio Tinto Iceland hf.

Nordural ehf. (Century Aluminium)

Sling ehf.

ALMC hf.

Sigur Ros (alternative band)

115 Security

Summa Asset Management

Adomat & Heidenblut M1 ehf.

Frigus Family Office

Work highlights

  • Advised shareholders on the sale of Kerecis hf. to Coloplast AS.
  • Acted in the final trial in the Sigur ros court cases resulting in the High Court dismissing the indictment from the courts.

ADVEL Attorneys at Law

ADVEL Attorneys at Law advises clients on a diverse selection of tax matters across all business sectors, including the technology and financial services industries. The group advises on corporate tax and VAT issues for both domestic and international clients, with experience in corporate financing, restructuring, and financial services work. Ragnar Guðmundsson co-leads the department alongside Bjarni Þór Bjarnason.

Practice head(s):

Ragnar Guðmundsson; Bjarni Þór Bjarnason

Key clients

Arion banki

Advania Group


Klappir Green Solutions

Rapyd Europe hf.


Öryggismiðstöðin hf

Nasdaq CSD Iceland

Alfa framtak

Qair Iceland

Work highlights

  • Completed a tax due diligence report on Fossar Investment bank for Vátryggingafélag Íslands.

KPMG Law in Iceland

KPMG Law in Iceland fields a team with notable strength in cross-border matters, benefiting from the firm’s strong international network. The group is highly active in thought leadership in the practice area, engaging directly with evolving regulations and client objectives. Ágúst Karl Guðmundsson, who is a key name for transfer pricing work, co-leads the department alongside M&A tax expert Soffía Eydís Björgvinsdóttir, and Jónas Rafn Tómasson.

Practice head(s):

Ágúst Karl Guðmundsson; Soffía Eydís Björgvinsdóttir; Jónas Rafn Tómasson

Key clients

The Reykjavik EDITION | Marriott Bonvoy

Míla hf.

Ardian France SA

Icelandair hf.

LS Retail ehf.


Arion banki hf.

True North ehf.

Össur hf.


Work highlights

  • Advising Álfur Production ehf. in relation to tax issues regarding the reimbursement of the production cost of HBO’s TV service ‘True Detective‘, which was filmed in Iceland.
  • Completing tax due diligence work for COWI Group.
  • Providing advice in relation to the stock option plan for Arion banki hf.

Lex Law Offices

Lex Law Offices advises clients on tax issues across a diverse range of work, including corporate financings, M&A, financial restructurings, and winding-up proceedings. Team lead Garðar Víðir Gunnarsson focuses on corporate taxation and cross-border investments, and is a prominent name for commercial arbitration proceedings. Guðrún Lilja Sigurðardóttir made partner in January 2023, and advises both large and small companies on tax and corporate law.

Practice head(s):

Garðar Víðir Gunnarsson

Other key lawyers:

Guðrún Lilja Sigurðardóttir

Key clients

Hejsa ehf.


Work highlights

  • Acted on behalf of Hesja ehf., which is an importer and seller of all-terrain vehicles, in a dispute with the Icelandic Revenue and Customs authority regarding the customs classification of all-terrain vehicles.
  • Provided expert opinions in relation to legislative work at the Icelandic parliament, Althingi. This includes legal opinions on certain tax provisions and the impact and effects of potential legislative amendments.


Juris‘ tax department operates within the firm’s full-service offering, providing clients with comprehensive commercial guidance. The group is experienced in both contentious and non-contentious mandates, and has a track record in acting for prominent high-net-worth individuals. The team is led by Halldór Jónsson, who has a long history in the practice area. Associate Jenný Harðardóttir provides key support.

Practice head(s):

Halldór Jónsson

Other key lawyers:

Jenný Harðardóttir


‘Very qualified.’

‘Involve themselves deeply with the matter.’

Key clients

Ó. Johnson & Kaaber