On 12 April 2016, a Tax Information Exchange Agreement (TIEA) was signed between Iceland and the United Arab Emirates, completing the joint Nordic campaign on agreements with low-tax jurisdictions and totaling to 44 concluded agreements.
The agreement with the UAE, as all the previous ones as well, cover the exchange of information upon request. Under this provision, tax authorities must hold minimum information on taxable persons in order to be able to respond to requests for information.
These agreements have widen the network of information exchange agreements both for Iceland and the other Nordic countries, providing the Icelandic authorities means to verify information on ownership of companies held by Icelanders in low-tax jurisdictions and on the income reverting to owners from such.
Source: Iceland Ministry for Foreign Affairs 12 April 2016