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TaxNewsFlash-BEPS — KPMG's reports of developments of interest to multinationals on the OECD's base erosion and profit shifting (BEPS) initiative and tax transparency.

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TaxNewsFlash-BEPS

BEPS Action 13: Latest country implementation update

Updated weekly, this summary report in table format offers a snapshot of implementation of country-by-country (CbC) reporting and Master file / Local file documentation requirements around the world.

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July 2018

25 Jul - United States: IRS updates country-by-country reporting guidance, information

24 Jul - Australia: Proposal to expand “significant global entity” definition, aligning country-by-country reporting with OECD model requirements

24 Jul - Belgium: Civil penalties for transfer pricing documentation compliance failures

23 Jul - OECD: Annual report on status of BEPS Inclusive Framework

18 Jul - Netherlands: Implications of Dutch transfer pricing decree on OECD discussion draft on transfer pricing of financial transactions

13 Jul - Nigeria: Country-by-country reporting guidelines

12 Jul - France: Transfer pricing documentation requirements, clarified and detailed

11 Jul - Luxembourg: Bill to ratify multilateral instrument (MLI) into domestic law

11 Jul - KPMG report: Initial impressions of OECD discussion draft on transfer pricing for financial transactions

10 Jul - Curaçao: Legislation implementing BEPS recommendations includes transfer pricing reporting obligations

6 Jul - France: Update on multilateral instrument (MLI) ratification

6 Jul - New Zealand: New BEPS law enacted, includes transfer pricing measures

5 Jul - Hong Kong: Passage of transfer pricing legislation (BEPS bill); most provisions effective from assessment year 2018/2019

5 Jul - India: Guidance on confidentiality, appropriate use of country-by-country reports

3 Jul - Nigeria: Transfer pricing update, including country-by-country reporting

3 Jul - OECD: BEPS discussion draft, transfer pricing aspects of financial transactions

June 2018

27 Jun - OECD: Kazakhstan, Peru, UAE sign BEPS multilateral convention (MLI)

21 Jun - Belgium: Transfer pricing documentation, reminder of due dates

21 Jun - Nigeria: Country-by-country reporting regulations are published

21 Jun - OECD: Guidance on hard-to-value intangibles, transactional profit split method (BEPS Actions 8 and 10)

18 Jun - Luxembourg: First steps in process to transpose EU Anti-Tax Avoidance Directive (ATAD 1), to ratify multilateral instrument (MLI)

6 Jun - Canada: OECD peer review of country-by-country reporting

6 Jun - New Zealand: BEPS implementing legislation update; transfer pricing and thin capitalisation rules

6 Jun - United Nations: Model double tax agreement updated

4 Jun - Canada: Additional provisions to apply; multilateral instrument (MLI) will modify significant portion of tax treaties

May 2018

24 May - OECD: First peer reviews of country-by-country reports, in advance of June 2018 rollout

18 May - United States: New country-by-country reporting FAQs, filing information

18 May Latvia: Transfer pricing documentation; focus on Master and Local files

17 May - OECD: Review of 11 preferential regimes, BEPS inclusive framework members

16 May - OECD: UAE joins BEPS inclusive framework

14 May - South Africa: Penalties for non-compliance; country-by-country reporting, transfer pricing returns

11 May - OECD: Bahrain, Saint Lucia join BEPS inclusive framework

10 May - Taiwan: Country-by-country reporting for 2017 corporate income tax return

1 May - Australia: ATO's final draft, Australian Local file requirements for 2018 tax years

April 2018

27 Apr - Hong Kong: Transfer pricing amendments to the “BEPS bill”

18 Apr - OECD: Developing countries addressing BEPS; mining sector’s excessive interest deductions

13 Apr - India: Proposed advance ruling changes, implementing BEPS Action 5 (permanent establishments)

10 Apr - United States: Updated FAQs on country-by-country reporting, guidance for national security contractors

10 Apr - OECD: Transfer pricing “country profiles” add new profiles for 14 countries

4 Apr - United States: Observations about Notice 2018-31: Country-by-country reporting by “specified national security contractors”

4 Apr - Luxembourg: Ratification of BEPS multilateral instrument expected in 2018

March 2018

30 Mar - United States: IRS guidance on country-by-country reporting by “specified national security contractors”

26 Mar - Argentina: Country-by-country notification deadline extended to 2 May 2018

23 Mar - UK: Voluntary preparation of Master file, Local file documentation; UK-parented multinational entities

23 Mar - OECD: Multilateral BEPS convention (MLI) entry into force 1 July 2018 (Slovenia, Austria, Isle of Man, Jersey, Poland)

22 Mar - EU: Guidelines from European Commission, avoid channeling EU funds through non-cooperative tax jurisdictions (EU “blacklist”)

22 Mar - OECD: Additional guidance on attribution of profits to permanent establishments (BEPS Action 7)

21 Mar - EU: Proposals for taxation of digital businesses

20 Mar - Nigeria: Country-by-country reporting to be added to transfer pricing rules

20 Mar - Netherlands: Update about multilateral instrument (MLI)

16 Mar - OECD: Interim report, tax challenges from digitalisation (BEPS)

16 Mar - Poland: Extended deadline for transfer pricing documentation requirements

16 Mar - India: Lower house passes Finance Bill 2018; changes to country-by-country reporting, Master file rules

13 Mar - EU: Disclosure rules, reportable cross-border arrangements by tax advisers

12 Mar - OECD: Improving tax dispute resolution mechanisms under BEPS Action 14, including MAP access

9 Mar - Australia: Hybrid mismatch arrangements (BEPS Action 2); revised draft legislation for public consultation

7 Mar - EU: Aggressive tax planning; focus on interest, royalties, transfer pricing

6 Mar - Mauritius: Country-by-country reporting regulations, effective July 2018

February 2018

26 Feb - Kazakhstan: Transfer pricing documentation includes country-by-country reporting

26 Feb - Lithuania: New transfer pricing documentation rules in draft order

22 Feb - Italy: Draft transfer pricing regulations released for public consultation

21 Feb - Canada: BEPS Multilateral Instrument (MLI) ratification process initiated

13 Feb - Costa Rica: Details on country-by-country reporting requirements

13 Feb - Poland: Guidance on preparation of transfer pricing documentation

8 Feb - OECD: Update on BEPS implementation, country-by-country reporting

6 Feb - Malaysia: Revisions, updates to APA rules and MAP guidelines

2 Feb - India: Transfer pricing proposals in 2018 budget, country-by-country reporting clarifications

January 2018

29 Jan - Australia: Country-by-country reports, Master and Local files due 15 February 2018, Australian taxpayers with December year-end

24 Jan - OECD: Multilateral risk assessment pilot program, transfer pricing information

18 Jan - United States: Updated FAQs, information about country-by-country reporting

9 Jan - Taiwan: Safe harbor exemption, Master file and country-by-country reporting submissions

5 Jan - France: Transfer pricing documentation measures included in new law

5 Jan - Malaysia: Country-by-country reporting update

3 Jan - Argentina: Transfer pricing rules reformed, revised

2 Jan - Hong Kong: BEPS legislation, move towards enhanced transfer pricing enforcement regime

2017 Articles

December 2017

26 Dec - China: Guidance clarifying country-by-country reporting, information exchange

22 Dec - Austria: Country-by-country reporting by year-end

21 Dec - Switzerland: Country-by-country reporting for FY 2016, filing is due 31 December 2017

21 Dec - Malaysia: Reminder of approaching country-by-country reporting notification deadline

21 Dec - OECD: Jurisdictions implement final regulations for first filings of country-by-country reports

18 Dec - OECD: 2017 update to the “Model Tax Convention” addresses BEPS

15 Dec - Hungary: Country-by-country reporting and notification requirements, deadlines

14 Dec - Czech Republic: Review of first-phase common errors, country-by-country reporting

13 Dec - New Zealand: BEPS implementing legislation would affect related-party loans, transfer pricing rules

12 Dec - Italy: Deadline for filing country-by-country reports postponed

11 Dec - Greece: Guidelines for country-by-country reports

8 Dec - South Africa: Country-by-country reporting returns, due date extended

4 Dec - OECD: First review of BEPS Action 5 minimum standard, spontaneous exchange on tax rulings

1 Dec - Italy: Implementing guidelines for country-by-country reports

November 2017

30 Nov - OECD: Updated guidance on country-by-country reporting (BEPS Action 13)

28 Nov - Thailand: Preferential tax regimes, status under BEPS “harmful tax practices” standard

27 Nov - OECD: Mutual agreement procedure (MAP) statistics for 2016

23 Nov - OECD: 2017 update to the OECD Model Tax Convention approved

23 Nov - Australia: ATO grants extension of time to file country-by-country statements

22 Nov - Taiwan: Transfer pricing documentation to include country-by-country reporting, Master file

21 Nov - Romania: Guidance on form for country-by-country reporting

21 Nov - United States: IRS update to jurisdiction status table, country-by-country reporting

20 Nov - Peru: Transfer pricing documentation—country-by-country reporting, Master file, Local file

13 Nov - Singapore: Tax incentives meet international BEPS standards

7 Nov - Costa Rica: Country-by-country reporting, draft resolution released

3 Nov - Italy: Agreement for automatic exchange of country-by-country reports with United States

2 Nov - India: Final rules on country-by-country reporting, Master file requirements

1 Nov - Bulgaria: Country-by-country reporting procedure, format approved

October 2017

26 Oct - India: First country-by-country report due date extended to 31 March 2018

25 Oct - OECD: Public consultation on 1 November, tax challenges of digitalisation

24 Oct - OECD: Guidance on VAT and consumption tax collection, cross-border sales (BEPS Action 1)

20 Oct - Hungary: Country-by-country reporting form, released by tax authority

18 Oct - OECD: Comments to tax challenges of digitalization (BEPS Action 1)

18 Oct - Poland: Country-by-country reporting, template of electronic form available

16 Oct - OECD: Update on BEPS project; harmful tax incentives being dismantled

11 Oct - Czech Republic: Country-by-country reporting implemented

11 Oct - OECD: Country-by-country reporting implementation status, exchange relationships (BEPS Action 13)

10 Oct - Greece: Country-by-country reporting update

9 Oct - India: Proposed country-by-country reporting, Master file rules

6 Oct - OECD: Comments on BEPS discussion drafts, attribution of profits to permanent establishments and transactional profit splits

5 Oct - Malaysia: Country-by-country reporting guidance

3 Oct - Switzerland: Country-by-country reporting ordinance effective 1 December 2017; voluntary reporting begins 1 November

September 2017

29 Sep - Japan: Tax agency’s Q&A guidance on mutual agreement procedure (MAP)

29 Sep - OECD: BEPS delivery, exchanges of information, shared economy addressed at meeting of tax commissioners

26 Sep - OECD: First peer reviews, implementation of BEPS tax dispute resolution mechanisms (including MAPs)

26 Sep - Argentina: Country-by-country reporting rules

25 Sep - OECD: Tax administrations to discuss BEPS, information exchanges

20 Sep - United States: IRS updates country-by-country reporting guidance

20 Sep - OECD: IT guidelines for country-by-country reporting exchanges

19 Sep - KPMG report: Discussion draft, attribution of profits to permanent establishments (comments on BEPS Action 7)

18 Sep - KPMG report: Discussion draft, BEPS Action 10 revised guidance on profit splits

14 Sep - Lithuania: Country-by-country reporting rules

6 Sep - OECD: New guidance on country-by-country reporting (BEPS Action 13)

August 2017

30 Aug - United States: List of countries for country-by-country reporting data exchanges

29 Aug - Taiwan: Country-by-country reporting requirements in draft transfer pricing documentation rules

22 Aug - Country-by-country reporting: Timeline of notification requirements per country

22 Aug - Australia: Practical experiences on filing Part A of Australian Local files for some “significant global entities”

18 Aug - UK: Updated HMRC guidance for filing country-by-country reports

17 Aug - Bulgaria: Rules for country-by-country reporting

17 Aug - Greece: Country-by-country reporting measures are enacted

17 Aug - OECD: Nigeria signs multilateral instrument (MLI) agreement

14 Aug - Latvia: Transfer pricing reporting requirements include country-by-country reports

11 Aug - United States: IRS now accepting country-by-country report (Form 8975)

4 Aug - New Zealand: Update on BEPS, transfer pricing proposals 

1 Aug - Hong Kong: Transfer pricing legislation expected by late 2017; findings of BEPS consultation

1 Aug - India: Country-by-country reporting, update

1 Aug - OECD: Draft toolkit, addressing taxation of offshore indirect transfers of assets

July 2017

27 Jul - OECD: BEPS Action 2 report; recommendations on branch mismatches

20 Jul - Czech Republic: Legislation for implementing country-by-country reporting advances

19 Jul -  Australia: ATO compliance activity relating to transfer pricing; updates about compliance, CbC documentation

18 Jul - OECD: Additional guidance for country-by-country reporting (BEPS Action 13)

11 Jul - OECD: Cameroon signs multilateral convention to implement BEPS

11 Jul - OECD: Draft contents of 2017 update to Model Tax Convention

10 Jul - OECD: Updates to transfer pricing guidelines for multinational enterprises 

10 Jul - Asia Pacific: Country-by-country reporting; implementation issues

7 Jul - EU: European Parliament adopts report on proposal for “public” country-by-country reporting

7 Jul - United States: IRS provides FAQs on country-by-country reporting

5 Jul - OECD: Report on status of CRS, BEPS for G20 leaders

5 Jul - OECD: Comments on BEPS discussion draft; guidance on hard-to-value intangibles

5 Jul - OECD: Mauritius signs the BEPS multilateral convention

June 2017

30 Jun - United States: Form 8975 and instructions for country-by-country reporting; IRS launches CbC webpage

28 Jun - OECD: Update on international tax transparency

27 Jun - KPMG report: Discussion draft, BEPS Action 10 revised guidance on profit splits

23 Jun - KPMG reports: Effects of multilateral instrument implementing BEPS in various tax treaties

23 Jun - Romania: Country-by-country reporting added to tax law

22 Jun - OECD: BEPS inclusive framework, update on country-by-country reporting exchanges

22 Jun - OECD: BEPS discussion drafts, attribution of profits to permanent establishments and transactional profit splits

21 Jun - Canada: New exchange arrangement with United States, to implement country-by-country reporting standard

21 Jun - EU: Proposed mandatory disclosure of reportable tax planning cross-border arrangements

2016 Articles

December 2016

28 Dec - Luxembourg: Country-by-country reporting, notification procedure

22 Dec - OECD: Updated guidance released, BEPS Action 4 and interest deductions and other financial payments

20 Dec - Luxembourg: Country-by-country reporting law passed by parliament

15 Dec - Slovakia: Country-by-country reporting introduced in new government bill

13 Dec - France: Country-by-country public financial reporting held unconstitutional

9 Dec - Denmark: Country-by-country notification requirements

7 Dec - Australia: Country-by-country reporting Q&As

5 Dec - Norway: Country-by-country reporting pursuant to BEPS Action 13

5 Dec - OECD: BEPS guidance on country-by-country reporting, country-specific information on implementation

5 Dec - OECD: Mutual agreement procedure (MAP) statistics for 2015

November 2016

30 Nov - Finland: Country-by-country reporting, Master file, Local file requirements

25 Nov - OECD: Macau, Mauritius and Ukraine join BEPS inclusive framework

24 Nov - OECD: Multilateral convention to implement BEPS into tax treaties

22 Nov - Netherlands: Country-by-country reporting, 2016 notification deadline is extended

17 Nov - Brazil: Initial BEPS guidance on dispute resolution; CbC consultation

3 Nov - OECD: Panama joins BEPS inclusive framework

1 Nov - OECD: Taxpayer questionnaire, input into MAP process

OECD: Macau, Mauritius and Ukraine join BEPS inclusive framework

OECD: Macau, Mauritius and Ukraine join BEPS inclusive framework

OECD: Macau, Mauritius and Ukraine join BEPS inclusive framework

October 2016

31 Oct - OECD: Reminder about business survey on tax certainty; 16 December cutoff

31 Oct - OECD: BEPS Action 14, peer reviews schedule

28 Oct - Hong Kong: Consultation on formal transfer pricing regime

28 Oct - OECD: Automatic exchange of tax information agreement, signed by Cook Islands

27 Oct - OECD: Panama signs agreement for automatic exchange of tax information

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

24 Oct - Singapore: Country-by-country reporting guide

21 Oct - Ireland: Irish Revenue updates FAQs on country-by-country reporting

21 Oct - Cyprus: Amendments to intellectual property tax regime, implementing BEPS recommendations

21 Oct - OECD: Five jurisdictions agree to automatic exchange of country-by-country reports

21 Oct - Vietnam: Draft decree to implement transfer pricing standards, BEPS recommendations

20 Oct - OECD: MAP peer review, for resolving treaty-related disputes (BEPS Action 14)

19 Oct - OECD: Andorra joins BEPS inclusive framework

18 Oct - OECD: Business survey; tax certainty to support G20 tax agenda

14 Oct - IRS legal advice memo: Legal responsibilities to protect return information, under OECD’s transmission system

13 Oct - Australia: Involving human resources, mobility professionals in country-by-country reporting 

10 Oct - France: Decree implementing country-by-country reporting

Taxation of the Digitalized Economy

KPMG's reports of developments concerning the tax treatment of the digital economy, including digital services tax and the taxation of online, remote sales

>> Read more

 

November 2016

17 Nov - Brazil: Initial BEPS guidance on dispute resolution; CbC consultation

4 Nov - Australia: Possible consequences, proposed changes to definition of
“permanent establishment”

3 Nov - OECD: Panama joins BEPS inclusive framework

1 Nov - OECD: Taxpayer questionnaire, input into MAP process

September - October 2016

31 Oct - OECD: Reminder about business survey on tax certainty; 16 December cutoff

31 Oct - OECD: BEPS Action 14, peer reviews schedule

28 Oct - Hong Kong: Consultation on formal transfer pricing regime

28 Oct - OECD: Automatic exchange of tax information agreement, signed by Cook Islands

27 Oct - OECD: Panama signs agreement for automatic exchange of tax information

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

24 Oct - Singapore: Country-by-country reporting guide

21 Oct - Ireland: Irish Revenue updates FAQs on country-by-country reporting

21 Oct - Cyprus: Amendments to intellectual property tax regime, implementing BEPS recommendations

21 Oct - OECD: Five jurisdictions agree to automatic exchange of country-by-country reports

21 Oct - Vietnam: Draft decree to implement transfer pricing standards, BEPS recommendations

20 Oct - OECD: MAP peer review, for resolving treaty-related disputes (BEPS Action 14)

19 Oct - OECD: Andorra joins BEPS inclusive framework

14 Oct - IRS legal advice memo: Legal responsibilities to protect return information, under OECD’s transmission system

14 Oct - UK: Practical issues that businesses may face concerning country-by-country reporting

13 Oct - Australia: Involving human resources, mobility professionals in country-by-country reporting

10 Oct - France: Decree implementing country-by-country reporting

29 Sep - Hong Kong: Incentives for intra-group financing activities, corporate treasury centres

28 Sep - Channel Islands: Country-by-country reporting, consultation in Guernsey

28 Sep - OECD: Public consultation on BEPS-related transfer pricing matters, 11-12 October

28 Sep - Sweden: Country-by-country reporting provisions in budget bill for 2017

27 Sep - Australia: Country-by-country reporting exemption guidance

23 Sep - OECD: Comments on “branch mismatch structures” under BEPS Action 2 

20 Sep - Denmark: New executive order on country-by-country reporting

16 Sep - Russia: Country-by-country reporting requirements, transfer pricing documentation

15 Sep - OECD: Comments on discussion draft, interest from banking and insurance under BEPS Action 4

13 Sep - United States: EC state aid investigations show need for tax reform

9 Sep - UK: Public country-by-country reporting, amendment to Finance Bill 2016 

8 Sep - New Zealand: Proposal, implementing BEPS Action 2 hybrid mismatch recommendations

7 Sep - OECD: Comments on BEPS discussion drafts—profit splits, profits attributed to permanent establishments

6 Sep - OECD: Status report on BEPS for G20 leaders

1 Sep - Brazil: Automatic exchange of country-by-country reports

June 2016

30 Jun - OECD: New inclusive framework, 80+ countries at BEPS meeting

29 Jun - United States: Initial description of country-by-country reporting final regulations

29 Jun - OECD: Guidance on implementation of country-by-country reporting

29 Jun - United States: Country-by-country reporting, final regulations (text)

28 Jun - New Zealand: Recommendations for foreign trusts, inbound investment, BEPS proposals

28 Jun - OECD: Offshore tax evasion convention signed by Dominican Republic, Nauru

24 Jun - Singapore: Country-by-country reporting

21 Jun - EU: Agreement on directive reached, new tax avoidance rules

20 Jun - Finland: Transfer pricing documentation, country-by-country reporting draft legislation

16 Jun - OECD: Webcast discussions about BEPS, tax transparency

15 Jun - OECD: BEPS amendments incorporated into Transfer Pricing Guidelines

2 Jun - KPMG’s initial analysis of OECD discussion draft: Development of multilateral instrument

2 Jun - OECD: Jamaica, Uruguay sign tax-assistance convention, Brazil completes ratification

1 Jun - OECD: Multilateral instrument to implement tax treaty-related BEPS measures, request for comments

February 2016

29 Feb - OECD: Draft changes to model treaty; residence of pension funds

26 Feb - Jersey: Consultation on country-by-country reporting

24 Feb - Africa: Regional focus on BEPS

23 Feb - OECD: Non-member countries may join as “BEPS associates”

22 Feb - KPMG report: Initial analysis of 2016 U.S. model treaty

22 Feb - New Zealand: Implementing AEOI regime, exchange of transfer pricing rulings

17 Feb - New U.S. model income tax treaty (2016) is released 

11 Feb - US: Treasury letter to EC on state aid investigations 

11 Feb - Australia: Consultation on BEPS-related transfer pricing recommendations

4 Feb - Senegal: Agreements signed for tax assistance, exchange of country-by-country reports

2 Feb - Nigeria: Country-by-country reporting update

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