E-invoicing compliance and regulatory updates - Iceland

Electronic Invoicing Iceland

The Republic of Iceland is a sovereign nation in the extreme northwest of Europe and has an industrialized, and free-market economy.

Iceland has adopted a post-audit invoicing model in Business-to-Business (B2B). However, e-invoicing is allowed subject to the buyer's consent. The integrity and authenticity of the invoices must be guaranteed by any method selected by the taxpayer, such as the electronic signature.

The Icelandic National regulation 505/2013 describes the framework for the exchange of electronic invoices for trading parties, public or private. Furthermore, the rule determines the applicable obligations for the transmission and content of e-Invoices.

Businesses need to use a certified e-invoicing system to ensure compliance. This system can be provided by a value-added network (VAN) or a Certified Service Provider (CSP).

As of January 2020, the Iceland Ministry of Finance transposed the Directive EU/55/2014 by making it mandatory in Business-to-Government (B2G) for all public entities to be able and willing to receive and process electronic invoices (based on technical specifications that implement Peppol BIS Billing 3.0).

Want to learn more about e-Invoicing compliance?

Download our Global e-invoicing and Tax Compliance fact sheet here for more information.

Download now

Electronic Invoicing Iceland

The Republic of Iceland is a sovereign nation in the extreme northwest of Europe and has an industrialized, and free-market economy.

Iceland has adopted a post-audit invoicing model in Business-to-Business (B2B). However, e-invoicing is allowed subject to the buyer's consent. The integrity and authenticity of the invoices must be guaranteed by any method selected by the taxpayer, such as the electronic signature.

The Icelandic National regulation 505/2013 describes the framework for the exchange of electronic invoices for trading parties, public or private. Furthermore, the rule determines the applicable obligations for the transmission and content of e-Invoices.

Businesses need to use a certified e-invoicing system to ensure compliance. This system can be provided by a value-added network (VAN) or a Certified Service Provider (CSP).

As of January 2020, the Iceland Ministry of Finance transposed the Directive EU/55/2014 by making it mandatory in Business-to-Government (B2G) for all public entities to be able and willing to receive and process electronic invoices (based on technical specifications that implement Peppol BIS Billing 3.0).

Want to learn more about e-Invoicing compliance?

Download our Global e-invoicing and Tax Compliance fact sheet here for more information.

Download now

Archiving

The storage period, in general, is 7 years.

VAT Electronic invoices must be archived electronically observing special rules.

Want to know more about Basware’s archiving services?

Download our Basware Vault fact sheet here to learn more about our flexible and scalable solution.

Download now

Basware Services

Our existing offering in Iceland could be affected by the current e-invoicing mandate.

Want to find out how we can help in your specific case?

Speak to a member of our team to learn more.

Contact us

Interoperability

Basware currently has no connection to any interoperability partners in Iceland.

Our advice

Our suppliers are sending monthly invoices to buyers via Peppol Network.

Want to understand how we can help in your case?

Get in touch with our experts.

Contact us

Back to Compliance Map

Electronic Invoicing Iceland

The Republic of Iceland is a sovereign nation in the extreme northwest of Europe and has an industrialized, and free-market economy.

Iceland has adopted a post-audit invoicing model in Business-to-Business (B2B). However, e-invoicing is allowed subject to the buyer's consent. The integrity and authenticity of the invoices must be guaranteed by any method selected by the taxpayer, such as the electronic signature.

The Icelandic National regulation 505/2013 describes the framework for the exchange of electronic invoices for trading parties, public or private. Furthermore, the rule determines the applicable obligations for the transmission and content of e-Invoices.

Businesses need to use a certified e-invoicing system to ensure compliance. This system can be provided by a value-added network (VAN) or a Certified Service Provider (CSP).

As of January 2020, the Iceland Ministry of Finance transposed the Directive EU/55/2014 by making it mandatory in Business-to-Government (B2G) for all public entities to be able and willing to receive and process electronic invoices (based on technical specifications that implement Peppol BIS Billing 3.0).

Want to learn more about e-Invoicing compliance?

Download our Global e-invoicing and Tax Compliance fact sheet here for more information.

Download now