Country-by-country reporting – Will you be ready?

Country-by-country reporting – Will you be ready?

KPMG’s Tax Transformation professionals highlight new developments and set out a step-by-step framework to help your tax function assesses your new obligations and create a plan for managing them.

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CbyCR - Are you ready?

Will you be ready?

In the past year there has been a raft of proposals for mandatory country-by-country reporting of tax and financial data for multinationals and we are now moving into implementation. This started with the Dodd Frank Act Section 1504, then the EU Accounting and Transparency Directive (EU Directive), followed by the Capital Requirements Directive IV (CRD IV) all requiring public disclosure for certain companies. Most recently country-by-country reporting (CbyC) under the Organisation for Economic Co-operation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) Action Plan proposes disclosure of revenues, profits and taxes on a CbyC basis to tax authorities for all multinationals operating in OECD and G20 countries. These are summarized on page two.

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