On 11 May 2020, Iceland's parliament approved Bill 1372 on amendments to various laws to mitigate the economic impact of the COVID-19 pandemic. One of the main measures is for the loss carry-back announced earlier. This includes that companies with expected losses are allowed to offset up to ISK 20 million of the income tax due in 2020 in respect of the 2019 tax year. The loss offset is provid…