Multinationals with a UK presence must publish their UK tax strategy before the end of 2017.
If a qualifying multinational does not publicly disclose information relating to their UK tax strategy, they may face penalties and reputational implications.
Beginning in 2017, every year qualifying multinationals must:
Disclosure requirements apply as of the first accounting period starting on or after September 15, 2016. Disclosures must be made by the end of that period (e.g., companies that have a September 30, 2017 year-end must publish their UK tax strategy by September 30, 2017).
Among other things, the strategy must incorporate:
The scope of the legislation includes:
Potential consequences of non-compliance with the new rules include:
more information, contact your KPMG adviser.
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