OECD RELEASES IMPLEMENTATION PACKAGE FOR COUNTRY-BY-COUNTRY REPORTING – ACTION 13
10 June 2015
On 8 June 2015, the OECD released an implementation package of a new country-by-country reporting plan developed under the OECD/G20 Action Plan on Base Erosion and Profit Shifting (BEPS).
The implementation package will facilitate the implementation of new transfer pricing reporting standards developed under Action 13 of the BEPS Action Plan, ensuring that tax administrations obtain a complete understanding of the way multinational enterprises (MNEs) structure their operations, while also ensuring that the confidentiality of such information is safeguarded.
The new implementation package consists of model legislation requiring the ultimate parent entity of a MNE group to file the country-by-country report in its jurisdiction of residence, including backup filing requirements when that jurisdiction does not require filing. The package also contains three Model Competent Authority Agreements to facilitate the exchange of country-by-country reports among tax administrations.
More information can be found in the implementation package.
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