In October 2014, Iceland was ordered by the EFTA Surveillance Authority to immediately stop granting investment aid that was not in line with EEA rules, and to recover the aid that had already been granted. Having failed to do so, Iceland will now be brought before the EFTA Court.
In October 2010, the Authority approved an Icelandic scheme on investment incentives. The scheme, which expired at the end of 2013, was aimed at promoting investment in areas outside the capital region, in particular through the granting of tax exemptions. In the period 2010–2013 the Icelandic government entered into agreements with several companies. In October 2014, the Authority concluded that the amandments made to the Investment Incentive Scheme in Iceland, as well as five investment agreements, were incompatible with the functioning of the EEA Agreement. Any aid granted under these agreements was therefore not in line with EEA state aid rules and was not covered by the Authority's approval of the scheme in 2010. This decision has not been challenged.

Informatiesoort: Nieuws

Rubriek: Europees belastingrecht

H&I: Previews


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