On 5 March 2023, Switzerland published a competent authority agreement with Iceland regarding the modification of the 2014 tax treaty between the two countries by the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). The agreement confirms the modification of the treaty and the specific changes, which are provided in an annex to the agreement. In general, the MLI modifications apply from 1 January 2024 in respect of withholding taxes and from 15 July 2023 in respect of other taxes (1 January 2024 for Iceland). However, changes to Article 25 (Mutual Agreement Procedures) apply for requests made from 15 January 2023.