KPMG firms across the EU, together with KPMG’s EU Tax Centre have prepared a report providing a step by step comparative guide to the EU Country by Country (CbyC) reporting initiatives – both the ‘public’ and ‘non-public’ versions.
The OECD recommended in its final report on BEPS Action 13 that countries should introduce both Country-by-Country Reporting requirements as well as requirements relating to transfer pricing documentation (in the form of master file/local file documentation).
On 25 May 2016, the EU Council formally adopted EU CbyC rules.
Our alert of 24 March 2016 outlined the contents of the draft text of a proposed Accounting Directive to effect public EU CbyC which was leaked to the media.
Ireland has introduced Country-by-Country (CbyC) reporting legislation in respect of accounting periods beginning on or after 1 January 2016, for multinational groups with consolidated turnover exceeding €750million.
The obligation to report country-by-country tax information to all jurisdictions is here for Irish multinational groups.