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OECD reports tax transparency progress in CbC reporting
OECD reports tax transparency progress in CbC reporting
Coverage of the CbC reporting minimum standard continues to improve worldwide
The OECD advises that there has been strong progress in improving the taxation of multinational enterprises (MNEs) worldwide, according to the latest round of peer reviews of Country-by-Country (CbC) initiative. In reporting on the results of this review, the OECD also notes work progresses on the 2020 review of the CbC reporting minimum standard, which it expects to be completed this year.
Background
The OECD's annual peer reviews are intended to analyze how tax administrations are using CbC reports to assess various risks, including transfer pricing risks. The OECD says this work will help jurisdictions use CbC reports more effectively, enabling them to identify areas where the tax risks posed by MNE Groups are low and to instead focus resources on those issues where risk is greatest.
CbC progress
This third annual peer review covers 131 jurisdictions, including Canada, and considers implementation of the CbC reporting minimum standard by jurisdictions as of April 2020. The OECD reports that the review has found that:
- Over 90 jurisdictions have introduced legislation to impose a CbC filing obligation on MNE groups, such that practically all MNEs that are over the EUR 750 million threshold for filing are now covered
- Implementation is largely consistent with BEPS Action 13
- Jurisdictions have acted on prior recommendations from earlier peer reviews
- Over 2500 exchange relationships are now in place
Canada's results
According to the peer review, Canada meets all the terms of reference for each of the three areas subject to review:
- The domestic legal and administrative framework
- The exchange of information framework
- Appropriate use of CbC reports
As a result, the peer review does not identify any recommendations for Canada.
For more information, contact your KPMG advisor.
Information is current to October 6, 2020. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500
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