Canada: Discussion, observations about country-by-country reporting proposal

Canada: Country-by-country reporting proposal

Canadian companies of certain multinational corporate groups need to consider how to prepare to meet new country-by-country (CbC) reporting requirements now that Finance Canada has released draft legislation to implement CbC reporting rules.

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The CbC reporting rules—originally announced in the 2016 federal budget—are intended to enhance tax transparency and to provide adequate information to allow the tax authorities to conduct transfer pricing risk assessments. The CbC rules in Canada are based on standards developed by the Organisation for Economic Cooperation and Development (OECD). The first CbC reporting would be required for tax years beginning after 2015, with the first automatic exchanges of information between governments slated to begin by June 2018.


Read an August 2016 report [PDF 91 KB] prepared by the KPMG member firm in Canada, that includes a detailed discussion and observations about the CbC rules in the draft legislation: Canada Moves Forward with Country-by-Country reporting

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