Channel Islands: Country-by-country reporting, draft regulations in Jersey

Country-by-country reporting, Jersey

The government of Jersey published draft regulations for the purpose of implementing country-by-country (CbC) reporting for accounting periods beginning on or after 1 January 2016.

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Under the CbC reporting draft regulations, the ultimate parent company of a Jersey-resident multinational entity (MNE) group—having total consolidated group revenues of €750 million or more—would be required to file a CbC report with the Comptroller of Taxes. Still, a Jersey entity that is not itself an ultimate parent entity of an MNE group that has local consolidated group revenues of €750 million or more could be required to file a Jersey CbC report if the ultimate parent company is not required to file a CbC report in the jurisdiction of its tax residency or there is no agreement (or no effective agreement) for the exchange of such CbC reports.

 

Read an October 2016 report [PDF 216 KB] prepared by the KPMG member firm in the Channel Islands

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