Tax in Iceland


Tax is a core practice at BBA//Fjeldco with the team providing comprehensive advice that encompasses both corporate and international tax, VAT issues, tax planning matters, due diligence work, risk management mandates and tax disputes. The team works cross-departmentally to integrate tax services into the firm’s offerings across the board, and is often engaged on a range of tax issues and implications associated with work in other practice areas. Key clients include major Icelandic banks, energy corporations and private equity houses including Kvika bank, Islandsbanki, Arion Bank, Arctic Energy and Stefnir. Practice leader Páll Jóhannesson has experience working for both the Inland Revenue and the Ministry of Finance in Iceland, as well as Kaupthing Bank as deputy head of tax; he excels in tax issues associated with high-end M&A transactions.

Practice head(s):

Páll Jóhannesson

Key clients

Kvika bank


Arion Bank


Rapyd Financial Network

Fossar Investment Bank

Grant Thornton Iceland





Isafold Capital Partners

Arctic Green Energy



Wellington Partners

Deloitte Iceland

As a member of the firm's global network, tax services are fundamental to Deloitte Legal ehf.‘s legal service offering. M&A tax, business tax, indirect taxes, international tax and transfer pricing mandates represent the bulk of the team’s workload, successfully leveraging the firm's global status to handle a range of complex, cross-border matters spanning corporate, commercial and competition issues, and M&A and employment-related tax issues. The group also actively liaises with the parliamentary committee on key legislative tax amendments. Tax partner and co-head of the practice Guðbjörg Þorsteinsdóttir advises large-scale oil companies, airlines, real estate companies and IT providers; she jointly leads the practice with managing partner Haraldur Ingi Birgisson.

Practice head(s):

Guðbjörg Þorsteinsdóttir; Haraldur Ingi Birgisson


‘Excellent lawyers who are specialised in certain areas in business operations, business mergers, real estate transactions and environmental issues. The lawyers I have collaborated with have superior knowledge of the relevant legal aspects compared to other law firms.’

‘The employees of Deloitte Legal that I have used are very good in interpersonal communication, polite, know how to listen to the client and communicate information and advice in a professional manner. Always respond positively to all inquiries and take all the time the customer requests to solve the relevant issues.’

‘The team stands out for always having knowledge or expertise in the field we have needed services for.’

‘The team has a shown that it has a great proficiency in the matters we have approached it with. It has a strong international connection which has come to good use.’

‘Professional approach to their work and act quickly when needed.’

‘The team has knowledge of tax rules and regulations and provides professional assistance, as well as a friendly manner.’

Key clients




Solid Clouds


Kvika eignastýring




Alfa Framtak



Íþaka fasteignir




Work highlights

  • Led the tax due diligence work in relation to the successful Icelandic investors buy-out of Promens from Berry Group along with a cross-border team in six countries.
  • Provided tax due diligence, SPA and tax structuring assistance regarding Digital Infrastructure’s acquisition of Verne Global.
  • Provided VEX with tax due diligence for its investment in Premis, an Icelandic software company, and tax due diligence for its investment in AGR Dynamics, a leading software company that provides planning and supply chain management software for wholesale and retail companies.


The ‘outstanding team’ at LOGOS is notable in the domestic market for its variety of tax services, ranging from handling cross-border outbound investment work and complex restructurings, to advising on the tax implications for high-end transactions and handling tax disputes before the Icelandic tax authorities and at all three levels of the domestic courts. The team counts Deutsche Bank and Kvika Bank among its client base. Tax partner Jón Elvar Guðmundsson is highly experienced in tax litigation and provides advice on large-scale transactions. He jointly leads the tax practice group in conjunction Bjarnfreður Ólafsson, who has extensive knowledge and experience of VAT law in Iceland.

Practice head(s):

Bjarnfreður Ólafsson; Jón Elvar Guðmundsson


‘The overall team and their knowledge is exceptional and very professional.’

‘I have mostly worked with Bjarnferður Ólafsson. He is a stand-out professional, has been very open minded in our dealings and is always available for consultation.’

We have nothing but good things to say about Bjarnfreður Ólafsson. He knows the system very well and did well to always inform us on what to be expected. He managed to get good results for us in a difficult case.’

‘Bjarnfreður Ólafsson is an exceptional lawyer.’

‘Bjarnferður Ólafsson is without a doubt the best tax lawyer in Iceland. His field of expertise is extensive and his experience unique. Not only does he have great knowledge of the tax framework in Iceland, but also well experienced and with good knowledge of the tax framework in Europe and the UK in general.’

‘LOGOS has extensive in-depth knowledge of international taxation and how it relates to the domestic legislation in Iceland, including the tax treaties. I do not believe that any other firm has accumulated this level of experience in this field. The service is efficient and to the point. Highly recommended.’

‘Outstanding team with a wide range of legal knowledge.’

‘Jón Elvar Guðmundsson has a deep understanding of the tax code whilst being pragmatic and knowledgeable of the corporate environment.’

Key clients

Kvika Bank



AEX Gold


Deutsche Bank

Elkem Iceland

Rio Tinto Iceland

Nordural ehf. (Century Aluminium)



Sigur Ros

115 Security

Summa Asset Management


New England Seafood International

Hrolfur Sumarlidason

Work highlights

  • Litigated a criminal tax evasion case against the four members of the international music band, Sigur Ros.
  • Litigated a dispute for Elkem Iceland with the Icelandic state on the deductibility of interest costs deriving from intra group financing.


As a full-service law firm, Juris provides comprehensive corporate and commercial-related tax advice, and collaborates with other departments in the firm to incorporate tax services into the wider firm's workload. The team is equally adept at contentious and non-contentious matters, and recently represented a private client in the Court of Appeal against charges for tax evasion and tax fraud. Halldór Jónsson leads the team, receiving support from associate Jenný Harðardóttir.

Practice head(s):

Halldór Jónsson

Other key lawyers:

Jenný Harðardóttir


‘The work is very professional and the team has a lot of experience with tax matters.’

‘They immerse themselves deep into the case before working on it. They were honest and open.’

Work highlights

  • Represented a private individual in tax proceedings.

Lex Law Offices

Lex Law Offices adopts an inter-disciplinary approach to leverage the tax group’s expertise to provide specialist advice across a range of practice areas. The team’s scope of work includes providing tax advice on a range of matters, including tax issues relating to corporate and project financings, restructurings, corporate structurings, the division, winding-up and liquidation of companies, and changes in operations. The group also advises on potential legislative amendments and frequently handles contentious work in the form of tax disputes with the Icelandic Revenue and Customs authority. Corporate specialist Garðar Víðir Gunnarsson leads the team, with support from associate Guðrún Lilja Sigurðardóttir.

Practice head(s):

Garðar Víðir Gunnarsson

Other key lawyers:

Guðrún Lilja Sigurðardóttir

Key clients

Iceland Search and Rescue Association

Nitro Sport


Work highlights

  • Provided advice to Icelandic Search and Rescue in relation to legislative changes pertaining to the tax environment of the third sector in Iceland.
  • Acted on behalf of S4S, which is an importer and seller of all-terrain vehicles through the store BRP-Ellingsen, in numerous disputes with the Icelandic Revenue and Customs authority regarding the customs classification of four and six-wheel all-terrain vehicles and utility vehicles.
  • Acted on behalf of Nítró Sport, an importer and seller of all-terrain vehicles and motorcycles, in a dispute with the Icelandic Revenue and Customs authority regarding the customs classification of all-terrain vehicles.