The Australian Treasury announced on 8 November 2023 that the income tax treaty with Iceland has entered into force. The treaty, signed 12 October 2022, is the first of its kind between the two countries. Taxes Covered The treaty covers Australian income tax, resource rent taxes, and fringe benefits tax, and covers Icelandic income taxes to the state and income tax to the municipalities. Residence If a person other than an individual is considered resident in both Contracting States, the competent authorities of both States will determine its residence for the purpose of the treaty through mutual agreement, having regard...