Additional interpretative guidance on CbC reporting aims to give greater certainty to tax administrations and MNE Groups.
The OECD/G20 Inclusive Framework on BEPS has released additional interpretative guidance on the implementation and operation of Country-by-Country (CbC) reporting to give greater certainty to tax administrations and multinational enterprise (MNE) Groups. A summary of common errors made by MNE Groups in preparing CbC reports has also been posted on the OECD website.
The new guidance, which is relevant to MNE Groups required to complete an annual CbC return, includes questions and answers on the following topics:
The complete set of guidance to date, including the latest guidance added in November 2019, can be found here. The OECD will continue to update this with any further guidance that may be agreed.
In addition, a summary of common errors made by MNE Groups in preparing CbC reports has also been posted on the OECD website. This summary will help MNE Groups in avoiding these errors and tax administrations in detecting them where they occur. This summary will be updated as further common errors, if any, are identified.
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