OECD publishes additional guidance on CbC reporting

On the 29th of June, 2016, the OECD published a memorandum entitled ‘Guidance on the Implementation of Country-by-Country Reporting’. The OECD/G20 BEPS Project had set out 15 key actions to reform the international tax framework and ensure that profits are reported where economic activities are carried out and value created. One of the main outcomes of […]

Written By ACT Team

On July 4, 2016
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On the 29th of June, 2016, the OECD published a memorandum entitled ‘Guidance on the Implementation of Country-by-Country Reporting’.

The OECD/G20 BEPS Project had set out 15 key actions to reform the international tax framework and ensure that profits are reported where economic activities are carried out and value created. One of the main outcomes of that work has been the adoption of country-by-country reporting, under which 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.  The aim of the additional guidance is to ensure a consistent implementation of the BEPS reports, including new transfer pricing reporting standards developed under Action 13 of the BEPS Action Plan.

The guidance issued by the OECD can be read by clicking on the following link http://www.oecd.org/tax/exchange-of-tax-information/guidance-on-the-implementation-of-country-by-country-reporting-beps-action-13.pdf.

How can we help?  

For further information, please contact one of the firm’s tax partners, Stephen Balzan on [email protected] or Elaine Camilleri [email protected]. ACT can help you understand the changes to the tax rules and how these can impact your business.  

Apart from its offices in St. Julian’s Malta, ACT operates from a second office in Gozo, which is situated in the capital city of Victoria.  For an appointment in our Gozo office, please call on 00356 21378672 or send us an email on [email protected].