On 18 September 2026, Iceland Revenue and Customs (Skatturinn) announced the adoption of Regulation No. 1014/2026, which amends the Icelandic regulation on the EU Taxonomy for Sustainable Investments. This amendment aligns Iceland’s sustainable finance disclosure framework with the latest European Union delegated acts, ensuring consistency with the EU Taxonomy Regulation (EU) 2020/852. The changes affect financial market participants and large undertakings required to disclose how their activities align with environmentally sustainable economic objectives. The regulation enters into force immediately, with transitional provisions for certain reporting obligations.
Key Takeaways
- Expanded Disclosure Requirements: The amendment introduces additional technical screening criteria for economic activities contributing to climate change mitigation and adaptation, requiring more granular reporting on turnover, capital expenditure, and operating expenditure.
- Alignment with EU Delegated Acts: Icelandic regulated entities must now apply the updated delegated acts (EU) 2021/2139 and (EU) 2023/2486, ensuring harmonized taxonomy eligibility and alignment assessments across the EEA.
- Compliance Timeline: While the regulation is effective immediately, companies have until the next reporting cycle to fully integrate the new criteria into their non-financial statements, with Skatturinn providing guidance on transitional reporting formats.
Disclaimer: This article is compiled and summarized by the AI based on publicly available information and is for general information purposes only. It does not constitute any form of formal tax advice, legal opinion, or basis for performance. Please consult a qualified professional tax advisor or legal counsel for tax advice.
Source: Read Official Announcement