December 23, 2015, No. 2015-40.U.S. parent companies of multinational corporate groups will be required to begin country-by-country reporting of their tax payments, likely beginning with their taxation years ending in 2017. Taxpayers have until March 22, 2016 to submit comments to the U.S. government on the proposed regulations to enact this measure.
The U.S. federal government proposes U.S. country-by-country reporting requirements for U.S. ultimate parent entities of multinational enterprises with consolidated revenue of US$850 million or more in the preceding annual accounting period. The first reporting period for qualifying multinational enterprises will depend on the date that proposed regulations are adopted by the U.S. Treasury, but is likely that the first reporting will be required for taxation years ending in 2017.
The proposed regulations were published in the U.S. government’s Federal Register on December 23, 2015. Any comments taxpayers want to make about these regulations must be received within 90 days of this date, i.e., March 22, 2016.
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Information is current to December 23, 2015. The information contained in this TaxNewsFlash-Canada is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG’s National Tax Centre at 416.777.8500.