The Organisation for Economic Co-operation and Development (OECD) today released a package for implementation of a new country-by-country reporting plan developed under the OECD/G20 base erosion and profit shifting (BEPS) project.
Read the country-by-country reporting implementation package [PDF 991 KB]
According to a related OECD release, the country-by-country reporting implementation package will facilitate “a consistent and swift implementation” of new transfer pricing reporting standards developed under Action 13 of the BEPS project. It will allow tax administrations to obtain a complete understanding of the way multinational enterprises structure their operations, while safeguarding the confidentiality of such information.
The country-by-country reporting requirements will require multinational entities to provide aggregate information annually—in each jurisdiction where they do business—relating to the global allocation of income and taxes paid, together with other indicators of the location of economic activity within the group, as well as information about which entities do business in a particular jurisdiction and the business activities each entity engages in.
The package was approved by the countries participating in the OECD/G20 BEPS project at the last meeting of the OECD Committee on Fiscal Affairs, held on 27-28 May, and follows from the publication of two reports
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