Country by Country Reporting

UK country-by-country reporting notification deadline approaches

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Source: Deloitte Global Transfer Pricing Alert 2017-033

“The first country-by-country (CbC) reporting notifications required to be made to the UK tax authorities are due by 1 September 2017.

This deadline applies to all reporting periods that end on or before 1 September 2017.

After 1 September 2017, the standard UK notification date is the end of the CbC reporting period.

A few examples regarding the application of these rules follow.
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OECD issues additional guidance on CbC reporting

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Source: Deloitte Global Transfer Pricing Alert, 1st July 2016

The OECD on June 29, 2016, issued additional guidance on the implementation of the country-by-country (CbC) reporting requirement introduced in the BEPS Action 13 Final Report issued on October 5, 2015.

The guidance covers four issues:

  • Transitional filing options to eliminate initial year effective dates differences (the “gap” year issue)
  • The application of CbC reporting to investment funds
  • The application of CbC reporting to partnerships
  • The impact of currency fluctuations on the EUR 750 million filing threshold

Source article here

 

OECD releases standardised electronic format for the exchange of BEPS Country-by-Country Reports

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22/03/2016 – In a continued effort to boost transparency in international tax matters, the OECD has today released its standardised electronic format for the exchange of Country-by-Country (CbC) Reports between jurisdictions – the CbC XML Schema – as well as the related User Guide. The CbC XML Schema is part of the OECD’s work to ensure the swift and efficient implementation of the BEPS measures, endorsed by G20 Leaders as part of the final BEPS package in November 2015.

OECD Press Release and links to more detail here: http://bit.ly/1UDGNC8