OECD releases additional guidance on the implementation of CbC reporting (BEPS Action 13)

On April 6, 2017, the OECD released additional guidance to provide essential information on implementation of the Country-by-Country (CbC) reporting (BEPS Action 13). The updated CbC guidance document contains additional information clarifying several interpretation issues related to the data to be included in the CbC report as well as to the application of the model […]

Written By ACT Team

On April 10, 2017
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On April 6, 2017, the OECD released additional guidance to provide essential information on implementation of the Country-by-Country (CbC) reporting (BEPS Action 13).

The updated CbC guidance document contains additional information clarifying several interpretation issues related to the data to be included in the CbC report as well as to the application of the model legislation contained in the Action 13 report.

The five (5) specific issues addressed in the updated guidance are as follows:

1.      the definition of revenues;

2.      the accounting principles/standards for determining the existence of and membership in a group;

3.      the definition of total consolidated group revenue;

4.      the treatment of major shareholdings; and

5.      the definition of related party for purposes of completing Table 1 of the CbC report.

You may read the updated guidance by clicking on the following link http://www.oecd.org/tax/beps/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].