United States: Form 8975 and instructions for country-by-country reporting

IRS form for country-by-country reporting

The IRS has releaased final versions of the form and instructions for filing country-by-country (CbC) reports.

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Form 8975, Country-by-Country Report, For 8975 Schedule A,and the Instructions for Form 8975 and Schedule A (Form 8975), Country-by-Country Report, reflect a revision date of June 2017. 

U.S. persons that are the ultimate parent entity of a U.S. multinational enterprise (U.S. MNE) group with annual revenue for the preceding reporting period of $850 million or more are required to file Form 8975. 

Form 8975 and Schedules A (Form 8975) are used by those filers required to report annually certain information with respect to the filer’s U.S. MNE group on a CbC basis. The filer must report the U.S. MNE group’s constituent entities, indicating each entity’s:

  • Tax jurisdiction (if any)
  • Country of organization
  • Main business activity
  • Financial and employee information for each tax jurisdiction in which the U.S. MNE does business (including revenues, profits, income taxes paid and accrued, stated capital, accumulated earnings, and tangible assets other than cash)

Form 8975 and Schedules A (Form 8975) must be filed with the IRS with the income tax return of the ultimate parent entity of a U.S. MNE group for the tax year in or within which the reporting period covered by the Form 8975 ends.
 

 

The IRS today also announced the launch of the IRS country-by-country webpage.

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