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New guidelines on country-by-country reporting
A fresh set of implementation guidelines was issued early in February by the OECD on Action 13 -Transfer Pricing Documentation and a Template for country-by-country reporting of the BEPS initiative. Taxand USA provides an overview of the guidelines.
The new guidelines gives multinationals valuable insight on key points related to the report. The new guidance relates to:
- The timing for preparing and filing the country-by-country report
- The multinationals that should be required to file the country-by-country report
- The conditions under which jurisdictions should obtain and use the country-by-country report
- A framework for mechanisms under which governments may exchange the country-by-country report together with the work plan for developing an implementation package.
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