Czech Republic: Multinational groups, CbC report | KPMG | BE

Czech Republic: Proposal requires multinational groups to prepare country-by-country report

Czech Republic: Multinational groups, CbC report

A proposed legislative amendment would require multinational groups with an annual consolidated turnover exceeding €750 million to prepare a country-by-country (CbC) report. Because the Czech Republic may not pass the amendment by the implementation deadline of 4 June 2017, the budget committee proposes to change the effective date.

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Under the amendment, companies in the Czech Republic would face two new CbC reporting duties.

  • The first would require Czech companies to notify the specialised financial authority, and stating who would be filing the report under the act on their behalf, in which country, and the scope. 
  • In addition, Czech companies that are part of a qualifying multinational group would have to provide relevant data to their ultimate parent company, which would then be filing the CbC report on their behalf with its competent local tax administrator, in a format and structure prescribed by the tax administration at the parent company’s registered office. 

Czech parent entities would be submitting the filled-in forms to the specialised financial authority.

 

Read an April 2017 report prepared by the KPMG member firm in the Czech Republic: What will country-by-country reporting bring in practice?

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