Iceland’s Digital Platform Reporting Rules: Key Compliance Deadlines & Requirements

In late December last year, Iceland's Ministry of Justice released the Regulation on the obligation of digital platform operators to report on the rental of real estate and movable property and the sale of goods and services. The Regulation based on the OECD model for reporting by electronic platform in the sharing economy, came into force on January 1, 2025, and applies to reporting for the calendar year 2025 and subsequent calendar years.

Impact on Digital Platform Operators

The first reporting deadline is January 20, 2026. At that time, digital platform operators, domestic and foreign, must report collected and verified platform seller data, such as tax identification and VAT numbers. Platforms that facilitate the rental of immovable property and transportation, sales of goods, and personal services are subject to these reporting requirements.

The Regulation imposing the data collection and reporting requirements does not include any threshold, which means that rules apply to all platform operators, regardless of the size and revenue.

Furthermore, the Regulations impose an obligation on the Digital Platforms to close sellers' accounts and prevent them from re-registering on the platform if the seller does not provide requested data within 60 days from the first notice that the platform issues. The seller must remain blocked from the platform until it provides the needed information to the platform.

Conclusion

Established reportable digital platforms had eight days from introducing the rule to notify the Iceland Revenue and Customs about their platforms. The same deadline applies to any newly established reportable platform, meaning when an in-scope platform starts operating in Iceland, they have eight days to send notification, Form RSK 5.52, to the Iceland Revenue and Customs.

Iceland aligned its national laws and regulations with the OECD Model Rules and the EU's DAC7 by implementing these rules, thus joining countries such as Canada, Australia, Switzerland, and the UK, which already implemented them.

Source: Ministry of Justice, Revenue and Customs