Canada Moves Forward with Country-by-Country Reporting | KPMG | CA

Canada Moves Forward with Country-by-Country Reporting

Canada Moves Forward with Country-by-Country Reporting

Many Canadian companies of qualifying multinational corporate groups should prepare to meet new country-by-country reporting requirements.

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The rules, which are intended to enhance tax transparency and to provide adequate information to conduct transfer pricing risk assessments, were announced in the 2016 federal budget based on standards developed by the Organisation for Economic Co-operation and Development (OECD). 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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