OECD Country by Country reporting update – August 2015

OECD Country by Country reporting update – August 2015

On Thursday 6 August, the Australian Government released two exposure drafts in relation to its multinational tax integrity measures.

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The new exposure drafts follow the package of measures to address multinational tax avoidance announced in the 2015 Budget.

The exposure drafts will:

  • introduce new OECD Country by Country (CbC) reporting requirements
  • adopt the new OECD standard on transfer pricing documentation (i.e. the Master File/Local File approach) and
  • double administrative penalties for multinational entities that are found to have entered into tax avoidance or profit shifting schemes.

The above measures apply to multinational groups with annual global revenue of A$1 billion or more, whether they are Australian headquartered, or Australian subsidiaries of overseas headquartered groups of this size (collectively "affected taxpayers").

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