ADVEL Attorneys at Law has ‘exceptional knowledge’ in a wide range of tax matters relating to VAT and corporate tax, M&A transactions, corporate financings, and restructurings, advising domestic and international clients in all business sectors. The practice is jointly led by Ragnar Guðmundsson and Bjarni Þór Bjarnason, who are recognised as leading tax attorneys; both have extensive experience in company and tax law, M&A, and corporate financing work.
Tax in Iceland
ADVEL Attorneys at Law
Practice head(s):
Ragnar Guðmundsson; Bjarni Þór Bjarnason
Testimonials
‘Exceptional knowledge in domestic tax related matters.’
‘Ragnar Guðmundsson has exceptional knowledge in domestic tax related matters.’
Key clients
Arion Banki
Rapyd Europe hf.
Work highlights
- 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 regarding VAT treatment of cross-border services.
Deloitte Legal ehf.
Deloitte Legal ehf.
has a ‘high level of expertise’ in tax matters, including M&A, business, indirect, and international-related tax, as well as transfer pricing issues. Under the leadership of Guðbjörg Þorsteinsdóttir and Haraldur Ingi Birgisson, the practice provides a wide range of domestic and international clients with financial advisory and VAT knowledge. Þorsteinsdóttir handles buy-side and vendor due diligence projects on targets in various industries across both internal and cross-border transactions, while Birgisson focuses on transfer pricing issues, investments, tax incentives, and international tax mandates.
Practice head(s):
Guðbjörg Þorsteinsdóttir; Haraldur Ingi Birgisson
Other key lawyers:
Ólafur Evert Úlfsson
Testimonials
‘Deloitte has experience and knowledge in all the areas we need, as well as international experience and access to Deloitte’s experts around the world, which gives them and us better service, and comprehensive knowledge of the issues that are ongoing at any given time.’
‘Haraldur Ingi Birgisson was exceptional in assisting us with tax issues. He has a deep expertise on the matter and was able to provide great communication throughout the process. Client service outstanding, which was highly appreciated for such a stressful process within the company.’
‘The team that serves us at Deloitte is always willing to make time for us, gives us good advice and has superior knowledge of the issues that concern us at any given time.’
‘The Deloitte Iceland team is extremely responsive and practical. They understand the requests of clients and strive to find appropriate and practical solutions.’
‘Highly recommend Deloitte Legal ehf. Their assistance in helping us navigate transfer-pricing rules has been outstanding. They have a high level of expertise and are able to provide clear guidance for us on the matter. Outstanding client-service, clear communications and are able to make complex subjects easy to understand.’
‘Ólafur Evert Úlfsson has provided us with excellent support on our tax and legal issue. His prior working experience has proven immensely helpful, along with his expertise on the subject. He provided fast and clear communication, helping us understand complex subjects in an easy way.’
‘Skills of the team are good and they deliver excellent work. They know our company well.’
Key clients
Samherji hf.
Central Bank of Iceland
CCP hf.
deCode (Íslensk Erfðagreining) ehf.
Kerecis hf.
LBI ehf.
Carbfix hf.
Hampiðjan hf.
Efla hf.
Síldarvinnslan hf.
Samkaup hf.
Kaldalón hf.
Ölgerðin hf.
Rotovia hf.
Beryaja, Iceland Hotels
Beqom SA
Work highlights
- Advised on a large cross-border voluntary takeover offer to shareholders of a large, listed company in Iceland.
- Advised Kerecis hf. with various tax issues, in relation to Coloplast’s $1.2bn acquisition of Kerecis, both pre and post the acquisition.
- Advised Kaldalón hf., a large and fast growing real estate company, in relation to listing on the Icelandic Nasdaq OMX stock exchange.
KPMG Law in Iceland
KPMG Law in Iceland, which is praised as ‘the best tax team in Iceland today’, has exceptional expertise in the field of tax law, offering services across all aspects of domestic and international tax matters. Ágúst Karl Guðmundsson and Soffía Eydís Björgvinsdóttir jointly lead the team; Guðmundsson specialises in tax structuring and cross-border transactions, and Björgvinsdóttir focuses on tax administration, due diligence, and other financial services issues. Jónas Rafn Tómasson is renowned for his knowledge of complex tax structures, while Ásgeir Skorri Thoroddsen and Hrafnkell Óskarsson also attract praise.
Practice head(s):
Ágúst Karl Guðmundsson; Soffía Eydís Björgvinsdóttir
Other key lawyers:
Jónas Rafn Tómasson; Ásgeir Skorri Thoroddsen; Hrafnkell Óskarsson
Testimonials
‘Jónas Rafn Tómasson and Ágúst Karl Guðmundsson both have superior knowledge of corporate law and the tax consequences of complex structures, which means that their firm is number one.’
‘Simply the best tax team in Iceland today when it comes to knowledge, experience and professionalism. Their knowledge of business operations and accounting is of great importance for the overall result.’
‘The KPMG Tax practice is a leading tax practice in Iceland. I have worked with the team on local projects as well as complex cross-border M&A transactions and the KPMG tax team has in every instance delivered in a professional and timely manner.’
‘I have used KPMG Tax services for many years. I have always received excellent service, their mindset is service focused, and availability is exceptionally good. Very good knowledge and experience within KPMG tax.’
‘The team’s knowledge and understanding of local and international tax issues as well as integration with other practice areas at KPMG is what sets the KPMG Tax team apart from other similar practices in Iceland.’
‘The team has been extremely supportive, thinking pro-actively, coming up with solutions of problems before they occur. They are knowledgeable, sincere and efficient.’
‘I have worked with both Ásgeir Skorri Thoroddsen and Hrafnkell Oskarsson and they put a lot of effort and care into giving me the correct answers and advice. They don’t assume anything and always make sure that they are answering the right questions.’
Key clients
Arion Banki hf.
Landsbankinn hf.
Marel hf.
Eimskip hf.
Össur hf.
Ardian Infrastructure
Air Atlanta
PT Capital
Work highlights
- Advised on a buy-side due diligence review of TM for Landsbankinn hf. as part of its acquisition of the insurance company from Kvika Bank.
- Advised Ardian Infrastructure during its acquisition of Verne Global’s data centre operations in Iceland.
- Advised during the sale of IKEA operations in Estonia, Latvia, and Lithuania.
BBA//Fjeldco
BBA//Fjeldco
specialises in a comprehensive array of tax services, encompassing corporate tax, international tax and VAT matters. The group's expertise extends to tax planning, risk management and due diligence issues, and tax-related disputes. The practice is led by Páll Jóhannesson, who has extensive expertise in tax and legal advisory work, including tax due diligence as well as debt and equity financing mandates.
Practice head(s):
Páll Jóhannesson
Key clients
Arion Bank
Kroll Trustee Services Limited
Work highlights
- Advised Kvika bank hf. and TM hf. throughout the sales process of the latter, which concluded with the acquisition of TM hf. by Landsbankinn hf., a large commercial bank in Iceland.
- Advised and provided tax and legal structuring advice throughout the merger of VÍS and Fossar Investment Bank.
- Advised in relation to a $80bn funding round of Controlant hf., a global developer of real-time monitoring solutions for the pharmaceutical industry.
LOGOS
Praised for its ‘prompt and professional services’, LOGOS handles both contentious and non-contentious tax matters, including M&A due diligence, financial restructurings, investments, and tax disputes before tax authorities and all levels of the Icelandic courts. The ‘highly recommended’ Bjarnfreður Ólafsson and Jón Elvar Guðmundsson head up the practice, with Ólafsson leading restructuring projects, and Guðmundsson handling large tax disputes.
Practice head(s):
Bjarnfreður Ólafsson; Jón Elvar Guðmundsson
Testimonials
‘Modern, forward thinking practice that also feels very established. Broad ranging in terms of skillsets within the building. So for us, very much a one stop shop.’
‘Very prompt and professional services.’
‘Bjarnfreður Ólafsson is highly recommended for taxes and corporate work.’
‘Very reliable, smart and intelligent people.’
Key clients
Deutsche Bank
Kvika Bank hf.
Summa Asset Management
AEX Gold
Adira ehf.
Elkem Iceland ehf.
Rio Tinto Iceland hf.
Nordural ehf. (Century Aluminium)
Sling ehf.
ALMC hf.
CCP ehf.
Foodco ehf.
Work highlights
- Advised shareholders on the sale of Kerecis hf. to Coloplast AS.
- Advised Adomat & Heidenblut M1 ehf. in a tax case before the District Court of Reykjavik, challenging a State Tax Board decision.
- Advised 115 Security before the State Tax Board in litigation concerning principles of the Constitution, the Income Tax, and VAT legislation.
Lex Law Offices
Lex Law Offices
provides comprehensive advice in the field of tax law, handling the tax elements of corporate and project financing work, M&A, financial restructurings, divisions, and company wind-ups. The practice is led by Garðar Víðir Gunnarsson, who has extensive expertise in domestic and cross-border tax-related matters.
Practice head(s):
Garðar Víðir Gunnarsson
Key clients
CRI hf.
Indie Holdings. S.A
First Water Salmon from Iceland hf.
Work highlights
- Assisted CRI hf.’s board of directors with the hiring of a new CEO for the company.
- Assisted Indie Campers with a variety of tax and customs related matters.
- Assisted First Water with the implementation of an employee incentive program.