A Tax Information Exchange Agreement, TIEA, between Iceland and the United Arab Emirates was signed today, thereby completing a joint Nordic campaign on agreements with low-tax jurisdictions, which began in 2006. A total of 44 agreements have been concluded.
The agreement with the UAE, as well as the previous 43 agreements, cover only the exchange of information upon request, which means that the tax authorities must possess minimum information on taxable persons in order to be able to respond to requests for information.
These agreements widen the network of information exchange agreements substantially, both for Iceland and for the other Nordic countries. Before the agreements were concluded, the Icelandic authorities had virtually no means of verifying information on ownership of companies held by Icelanders in low-tax jurisdictions, or on the income reverting to owners from these holdings.