OECD: Guidance on the Implementation of Country-by-Country Reporting
The OECD has just released its “Guidance on the Implementation of Country-by-Country Reporting”.
CbC reporting is one of the cornerstone of the BEPS initiative.
The Communiqué explains that:
“A key pillar of the project focused on ensuring transparency while promoting increased certainty and predictability. One of the main outcomes of that work has been the adoption of country-by-country reporting, as set out in the 2015 BEPS Report on Action 13 “Transfer Pricing Documentation and Country-by-Country Reporting“. Under CbC reporting, MNEs will be required to provide aggregate information annually, in each jurisdiction where they do business, relating to the global allocation of income and taxes paid, together with other indicators of the location of economic activity within the MNE group. It will also cover information about which entities do business in a particular jurisdiction and the business activities each entity engages in.”
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