Hungary: CbC reporting accepted by parliament | KPMG | BE

Hungary: Country-by-country reporting approved by parliament

Hungary: CbC reporting approved by parliament

The Hungarian Parliament approved legislation that adopts country-by-country (CbC) reporting, with a date of enactment of 31 May 2017.

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The CbC report is an element of transfer pricing documentation that helps tax authorities to understand the operation of multinational enterprises (MNEs), and assess several tax risks (transfer pricing, tax base erosion, profit shifting). 

  • Under the provisions, along with other requirements, MNEs that have an annual consolidated group revenue of €750 million or more in the fiscal year preceding the fiscal reporting year are required to submit a CbC report. 
  • Only one group member—typically the ultimate parent company—will file a CbC report on behalf of the MNE group.
  • Each group member must indicate whether or not it is required to file a CbC report. If a group member does not have reporting obligation, it must report the name and tax residence of the entity that is delegated the responsibility to file the CbC report with the tax authority.

 

Read a June 2017 report prepared by the KPMG member firm in Hungary

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