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ARTICLE 10

U.S. Income Tax Treaty — iceland tax treaty documents: iceland.pdf · 2026-10-03 edition · updated 2026-10-04 · United States

Shipping and Air Transport

(1) Notwithstanding Article 8 (Business Profits), income which a resident of the United States derives from the operation in international traffic of ships or aircraft registered in the United States shall be exempt from tax by Iceland.

(2) Notwithstanding Article 8 (Business Profits), income which a resident of Iceland derives from the operation in international traffic of ships or aircraft shall be exempt from tax by the United States.

(3) For the purposes of this Article, income derived from the operation in international traffic of ships or aircraft includes:

(a) Income derived by a domestic or international carrier from the lease of ships or aircraft either on a bareboat or full charter basis if such lease is incidental to its business as a carrier; and

(b) Income derived from the use and lease of:

(i) Containers, (ii) Trailers for the inland transport of containers, and (iii) Other related equipment, if such income is incidental to other income described in paragraph (1).

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▸Contents — U.S. Income Tax Treaty — iceland tax treaty documents: iceland.pdf
U.S. Income Tax Treaty — iceland tax treaty documents: iceland.pdf

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