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BEPS

TaxNewsFlash-BEPS — KPMG's reports of developments of interest to multinationals on the OECD's base erosion and profit shifting (BEPS) initiative and tax transparency.

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BEPS Action 13: Latest country implementation update

Updated weekly, this summary report in table format offers a snapshot of implementation of country-by-country (CbC) reporting and Master file / Local file documentation requirements around the world.

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October 2016

September - October 2016

31 Oct - OECD: Reminder about business survey on tax certainty; 16 December cutoff

31 Oct - OECD: BEPS Action 14, peer reviews schedule

28 Oct - Hong Kong: Consultation on formal transfer pricing regime

28 Oct - OECD: Automatic exchange of tax information agreement, signed by Cook Islands

27 Oct - OECD: Panama signs agreement for automatic exchange of tax information

25 Oct - Channel Islands: Country-by-country reporting, draft regulations in Jersey

24 Oct - Singapore: Country-by-country reporting guide

21 Oct - Ireland: Irish Revenue updates FAQs on country-by-country reporting

21 Oct - Cyprus: Amendments to intellectual property tax regime, implementing BEPS recommendations

21 Oct - OECD: Five jurisdictions agree to automatic exchange of country-by-country reports

21 Oct - Vietnam: Draft decree to implement transfer pricing standards, BEPS recommendations

20 Oct - OECD: MAP peer review, for resolving treaty-related disputes (BEPS Action 14)

19 Oct - OECD: Andorra joins BEPS inclusive framework

14 Oct - IRS legal advice memo: Legal responsibilities to protect return information, under OECD’s transmission system

14 Oct - UK: Practical issues that businesses may face concerning country-by-country reporting

13 Oct - Australia: Involving human resources, mobility professionals in country-by-country reporting

10 Oct - France: Decree implementing country-by-country reporting

29 Sep - Hong Kong: Incentives for intra-group financing activities, corporate treasury centres

28 Sep - Channel Islands: Country-by-country reporting, consultation in Guernsey

28 Sep - OECD: Public consultation on BEPS-related transfer pricing matters, 11-12 October

28 Sep - Sweden: Country-by-country reporting provisions in budget bill for 2017

27 Sep - Australia: Country-by-country reporting exemption guidance

23 Sep - OECD: Comments on “branch mismatch structures” under BEPS Action 2 

20 Sep - Denmark: New executive order on country-by-country reporting

16 Sep - Russia: Country-by-country reporting requirements, transfer pricing documentation

15 Sep - OECD: Comments on discussion draft, interest from banking and insurance under BEPS Action 4

13 Sep - United States: EC state aid investigations show need for tax reform

9 Sep - UK: Public country-by-country reporting, amendment to Finance Bill 2016 

8 Sep - New Zealand: Proposal, implementing BEPS Action 2 hybrid mismatch recommendations

7 Sep - OECD: Comments on BEPS discussion drafts—profit splits, profits attributed to permanent establishments

6 Sep - OECD: Status report on BEPS for G20 leaders

1 Sep - Brazil: Automatic exchange of country-by-country reports

August 2016

25 Aug - OECD: Initial analysis of discussion draft, branch mismatch structures

25 Aug - OECD: Public comments, group ratio rule under BEPS Action 4

24 Aug - U.S. Treasury “white paper” on EC’s state aid investigations of transfer pricing rulings

24 Aug - OECD: Comments on proposed amendments, OECD Transfer Pricing Guidelines

22 Aug - Liechtenstein: Automatic exchange of country-by-country reporting

22 Aug - OECD: Discussion draft, branch mismatch structures under BEPS Action 2

18 Aug - Czech Republic: Automatic exchange of APAs, country-by-country reporting proposals

16 Aug - Israel: Country-by-country reporting, transfer pricing documentation in budget plan

11 Aug - Nigeria: Country-by-country reporting, implementation moves forward

9 Aug - Canada: Discussion, observations about country-by-country reporting proposal

8 Aug - Asia Pacific: Country-by-country reporting, status update for region

8 Aug - EU: Country-by-country reporting—an EU perspective

5 Aug - Australia: Review of transfer pricing developments since 2012; plans for more BEPS changes

5 Aug - Luxembourg: Draft law for country-by-country reporting submitted to Parliament 

3 Aug - Canada: Country-by-country reporting requirements in draft legislative proposals

1 Aug - KPMG report: Discussion draft on approaches to address BEPS involving Interest in banking and insurance sectors

1 Aug - KPMG report: Indirect tax implications of BEPS project

1 Aug - Korea: Revised legislation, transfer pricing and country-by-country reporting rules

July 2016

28 Jul - OECD: Discussion draft, BEPS in banking and insurance sectors

25 Jul - Austria: New transfer pricing documentation, country-by-country rules effective for 2016

25 Jul - OECD: Report on status of BEPS project

18 Jul - OECD: Jamaica joins BEPS framework

14 Jul - Australia: Government's approach to key BEPS actions following the 2016 federal election

13 Jul - China: Transfer pricing documentation, related-party reporting guidance from BEPS project

12 Jul - OECD: BEPS status update

11 Jul - Hong Kong: BEPS participation, recommendations pending government action

11 Jul - OECD: Discussion draft, “group ratio rule” under BEPS Action 4

7 Jul - OECD: Discussion draft under BEPS Actions 8-10, profit split guidance 

7 Jul - OECD: Discussion draft under BEPS Action 7, profits attributed to
permanent establishments

6 Jul - Hong Kong: Transfer pricing and BEPS considerations—intangible property and R&D activities

5 Jul - Belgium: Country-by-country reporting, transfer pricing documentation; new law is published

4 Jul - Japan: Guidance under new transfer pricing documentation rules

4 Jul - OECD: BEPS discussion drafts include revised guidance on profit splits

4 Jul - OECD: Comments invited on revised transfer pricing guidelines

1 Jul - Germany: Country-by-country reporting, BEPS items in draft bill

June 2016

30 Jun - OECD: New inclusive framework, 80+ countries at BEPS meeting

29 Jun - United States: Initial description of country-by-country reporting final regulations

29 Jun - OECD: Guidance on implementation of country-by-country reporting

29 Jun - United States: Country-by-country reporting, final regulations (text)

28 Jun - New Zealand: Recommendations for foreign trusts, inbound investment, BEPS proposals

28 Jun - OECD: Offshore tax evasion convention signed by Dominican Republic, Nauru

24 Jun - Singapore: Country-by-country reporting

21 Jun - EU: Agreement on directive reached, new tax avoidance rules

20 Jun - Finland: Transfer pricing documentation, country-by-country reporting draft legislation

16 Jun - OECD: Webcast discussions about BEPS, tax transparency

15 Jun - OECD: BEPS amendments incorporated into Transfer Pricing Guidelines

2 Jun - KPMG’s initial analysis of OECD discussion draft: Development of multilateral instrument

2 Jun - OECD: Jamaica, Uruguay sign tax-assistance convention, Brazil completes ratification

1 Jun - OECD: Multilateral instrument to implement tax treaty-related BEPS measures, request for comments

May 2016

25 May - Australia: Country-by-country, final Local files released

25 May - Norway: Transfer pricing documentation, country-by-country reporting included in political agreement

23 May - Netherlands: Proposed “innovation box” changes, align with BEPS recommendations

23 May - US: Senators again express concerns about EC state-aid investigations

20 May - China: Participation in global tax initiatives (BEPS, CRS)

19 May - Denmark: New transfer pricing documentation requirements

19 May - Austria: Proposed legislation, transfer pricing documentation and country-by-country reporting

16 May - Belgium: Draft law, country-by-country reporting and transfer pricing documentation requirements

13 May - UK: Restrictions on tax deductibility of corporate interest expense, consultation 

13 May - OECD: Heads of tax administrations meet, discuss BEPS project implementation 

13 May - Norway: Proposed legislation to implement country-by-country reporting rules

12 May - OECD: Canada, Iceland, India, Israel, New Zealand, China advance country-by-country reporting

3 May - Sweden: Proposed legislation, transfer pricing documentation and
country-by-country reporting exchange

April 2016

27 Apr - OECD: Comments, discussion draft on treaty entitlement of non-CIV funds

27 Apr - Japan: Country-by-country reporting requirements

26 Apr - Switzerland: Country-by-country reporting, implementing legislation advances

20 Apr - Canada: Procedures for exchange of tax rulings under BEPS rules

20 Apr - Bermuda: Country-by-country reports, automatic exchange agreement signed

19 Apr - International organizations announce plans to cooperate on tax issues

13 Apr - OECD: Tax administrations meet on “Panama papers”

12 Apr - South Africa: Draft regulations, country-by-country reporting

12 Apr - EU: “Public” country-by-country reporting for multinational enterprises advances

6 Apr - OECD: Comments, treaty residence of pension funds

4 Apr - Canada: Country-by-country reporting in 2016  

4 Apr - UK: Discussion of BEPS-related measures in 2016 budget, Finance Bill

March 2016

31 Mar - Korea: Master file and local file templates are released

28 Mar - UK: BEPS items included in Finance (No. 2) Bill 2016 

24 Mar - OECD: Treaty benefits for non-CIV funds; BEPS follow-up consultation

23 Mar - Canada: Country-by-country reporting, transfer pricing proposals in 2016 federal budget

23 Mar - EU: Draft proposal on “public” country-by-country reporting

22 Mar - OECD: Standardized electronic format for exchanging country-by-country reports

18 Mar - Turkey: Draft communiqué on transfer pricing documentation, country-by-country reporting

16 Mar - UK: Tax proposals in 2016 budget; timetable for BEPS implementation

11 Mar - Luxembourg: Tax reform, addressing BEPS recommendations

11 Mar - UK: Preparing for country-by-country reporting

9 Mar - Australia: Costs of non-compliance with country-by-country reporting requirements

8 Mar - EU: Automatic exchange of country-by-country reporting by multinational companies

3 Mar - UK: Final country-by-country reporting regulations

3 Mar -  EU: State-aid investigations of “tax rulings,” response to U.S. concerns

1 Mar - India: Country-by-country reporting, transfer pricing documentation rules in budget 2016

February 2016

29 Feb - OECD: Draft changes to model treaty; residence of pension funds

26 Feb - Jersey: Consultation on country-by-country reporting

24 Feb - Africa: Regional focus on BEPS

23 Feb - OECD: Non-member countries may join as “BEPS associates”

22 Feb - KPMG report: Initial analysis of 2016 U.S. model treaty

22 Feb - New Zealand: Implementing AEOI regime, exchange of transfer pricing rulings

17 Feb - New U.S. model income tax treaty (2016) is released 

11 Feb - US: Treasury letter to EC on state aid investigations 

11 Feb - Australia: Consultation on BEPS-related transfer pricing recommendations

4 Feb - Senegal: Agreements signed for tax assistance, exchange of country-by-country reports

2 Feb - Nigeria: Country-by-country reporting update

January 2016

28 Jan - EU: New anti-tax avoidance package focused on corporations

27 Jan - OECD: Agreement signed for exchange of country-by-country reporting information

26 Jan - OECD: Countries to sign country-by-country implementation agreement

20 Jan - France: Country-by-country reporting, transfer pricing declaration

15 Jan - U.S. Senate Finance members urge Treasury intensify efforts, EU state aid investigations

13 Jan - Australia: Prepare now for country-by-country reporting

13 Jan - BEPS update: Countries implementing transfer pricing documentation, country-by-country reporting (table)

12 Jan - EU: Action plan for corporate tax, 2016

12 Jan -  Finland: Transfer pricing documentation rules,country-by-country reporting proposal

11 Jan - Belgium: “Excess profit” tax advantages to be recovered from multinationals

11 Jan - EU: Initiatives on corporate tax avoidance, scheduled for 27 January

5 Jan - Norway: Country-by-country reporting proposal, public consultation

5 Jan - Netherlands: New transfer pricing documentation rules enacted; country-by-country reporting

4 Jan - Korea: Master file and local file; “full” transfer pricing reporting

2015 Articles

December 2015

23 Dec - US: Country-by-country reporting, KPMG report on proposed regulations in United States

23 Dec - Italy: Country-by-country reporting approved in 2016 budget law

22 Dec - Denmark: Country-by-country reporting for 2016

22 Dec - Ireland: Country-by-country legislation is enacted

21 Dec - US proposed regulations: Country-by-country reporting; text of regulations

18 Dec - Australia: Country-by-country reporting guidelines

17 Dec - EU: Draft “anti-BEPS” directive, addressing corporate tax planning and evasion

15 Dec - Japan: Transfer pricing documentation rules, based on BEPS recommendations

7 Dec - Australia: Country-by-country reporting, public disclosure, other transparency measures passed

4 Dec - UK: Diverted profits tax guidance

November 2015

24 Nov - Legislative update: Congressional hearings on BEPS

23 Nov - OECD: Treaty-related MAP statistics for 2014 reporting period

18 Nov - France: Country-by-country reporting added to Finance Bill, 2016

18 Nov - Nigeria: Implications of BEPS proposals

17 Nov - Australia: New treaty with Germany reflects BEPS recommendations

17 Nov - OECD: G20 leaders endorse BEPS, automatic exchange of information projects

16 Nov - Qatar: Preparing for BEPS changes

10 Nov - UK: Changes to interest deductibility rules, implications for transfer pricing

9 Nov - France: Status of transfer pricing documentation, country-by-country reporting

7 Nov - OECD: BEPS-related meetings

5 Nov - Australia: Are investment entities excluded from “group” for country-by-country reporting?

5 Nov - Poland: Expanded transfer pricing, country-by-country reporting enacted

October 2015

26 Oct - Hungary: Implementing transfer pricing-related BEPS actions

20 Oct - Luxembourg: Draft legislative proposals to implement BEPS measures

16 Oct - France: Country-by-country reporting; BEPS provisions

13 Oct - BEPS: Current status of implementation in various countries

12 Oct - New Zealand: Path to BEPS implementation

12 Oct - Norway: Budget 2016, country-by-country reporting

12 Oct - US: BEPS deliverables formally accepted

9 Oct - OECD: G20 finance ministers endorse BEPS final recommendations

9 Oct - Australia: Government’s initial response to BEPS final reports

9 Oct - China: Tax administration’s response to BEPS

9 Oct - Ireland: BEPS implications for taxpayers

9 Oct - UK: BEPS implications for UK taxpayers; country-by-country reporting, patent box

7 Oct - KPMG report: BEPS special edition

7 Oct - Australia: BEPS implications for multinational enterprises

6 Oct - OECD: BEPS overview, FAQs, initial impressions

5 Oct - OECD: BEPS final recommendations text

September 2015

25 Sep - OECD: BEPS final reports expected 5 October

24 Sep - Brazil: Tax amnesty; disclosing tax-structured transactions

23 Sep - Denmark: Country-by-country reporting, documentation proposed  

21 Sep - KPMG report: Challenges of BEPS documentation

18 Sep - China: Transfer pricing discussion draft; BEPS influence

18 Sep - Mexico: Transfer pricing, country-by-country reporting proposals

17 Sep - Switzerland: “Go ahead” to accept final BEPS reports

16 Sep - Netherlands: “Country-by-country” reporting, documentation proposed for 2016

16 Sep - Australia: Country-by-country bill introduced

August 2015

27 Aug - US tax committee chairs question country-by-country reporting

24 Aug - China: Managing IP tax challenges in BEPS environment

20 Aug - Korea: Law to implement BEPS-related transfer pricing requirements

14 Aug - UK: Common framework for disclosing tax information

12 Aug - Australia: Country-by-country reporting update

7 Aug - Australia: Proposed CbC, transfer pricing documentation requirements

 

July 2015

17 Jul - Finance chairman expresses concerns with BEPS project

 

June 2015

30 Jun - OECD: BEPS status, as of June 2015

19 Jun - OECD: Comments, BEPS Action 8 (hard-to-value intangibles) discussion draft

18 Jun - OECD: Comments, discussion draft BEPS Action 6 (treaty abuse)

17 Jun - EU: Plan to curb corporate tax avoidance

15 Jun - OECD: Comments, BEPS Action 7 discussion draft (PE status)

11 Jun - OECD webcast provides BEPS status update

8 Jun - OECD: Implementation package for BEPS country-by-country reporting

5 Jun - OECD: Initial impressions, BEPS Action 8 (hard-to-value intangibles)

4 Jun - OECD: Discussion draft, BEPS Action 8 (hard-to-value intangibles)

1 Jun - OECD: Comments on BEPS Action 8 (cost contribution arrangements)

 

May 2015

28 May - OECD: Developing BEPS multilateral instrument

27 May - KPMG report: Revised discussion draft, BEPS Action 7 (artificial avoidance of PE status)

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