Canada to Implement Country-by-Country Reporting in | KPMG | CA

Canada to Implement Country-by-Country Reporting in 2016

Canada to Implement Country-by-Country Reporting in

April 4, 2016, No. 2016-17. Canadian parent companies of large multinational corporate groups should start developing their strategy to meet new country-by-country reporting requirements coming in 2016. The standards for these requirements, which were developed by the OECD, are intended to enhance tax transparency and to provide adequate information to conduct transfer pricing risk assessments. This reporting will be required for taxation years beginning after 2015, with the first automatic exchanges of information between governments slated to begin by June 2018.

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Although Finance is expected to release draft legislation for country-by-country reporting rules shortly, the 2016 federal budget provided some important details about how Canada will implement these new requirements. These details will help companies begin to decide the most appropriate approach to develop their country-by-country report. Specifically, affected Canadian companies should now:

Identify a cross-functional team to lead the development of a country-by-country report (e.g., include members from tax, accounting, IT, human resources and legal groups)

Download this edition of the TaxNewsFlash to learn more.

Disclaimer

Information is current to April 3, 2016. 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.

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