UK and International Tax news
OECD Issues Further Guidance On CbC Reporting
Monday 11th September 2017
The OECD has recently issued further guidance on the implementation of Country By Country Reporting, under BEPS Action 13.
Existing guidance on the implementation of CbC Reporting has been updated and now addresses the definition of revenues, the treatment of MNE groups with a short accounting period, and the treatment of the amount of income tax accrued and income tax paid.
The complete set of interpretative guidance related to CbC Reporting issued so far is presented in the latest release, which will continue to be updated with any further guidance that may be agreed.
Guidance has also been released on the appropriate use of the information contained in CbC Reports and includes guidance on the meaning of “appropriate use”, the consequences of non-compliance with the appropriate use condition and approaches that may be used by tax administrations to ensure the appropriate use of CbCR information.
If you would like further information on the above, please contact Keith Rushen on 0207 486 2378.
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