The Organisation for Economic Cooperation and Development (OECD) today announced guidance for use by tax administrations and multinational enterprise (MNE) groups with regard to country-by-country (CbC) reporting pursuant to base erosion and profit shifting (BEPS) Action 13.
As noted in the OECD release, the additional interpretative guidance are intended to provide greater certainty to tax administrations and MNE groups on the implementation and operation of CbC reporting (BEPS Action 13). The new guidance clarifies that, under the BEPS Action 13 minimum standard, the automatic exchange of CbC reports filed under local filing rules is not intended.
Today’s announcement states that the complete set of guidance concerning the interpretation and operation of BEPS Action 13 issued to date is included in the document released today, and it will continue to be updated with any future guidance.
Also, a summary of CbC reporting notification requirements in Inclusive Framework member jurisdictions has been provided by the OECD. The release of this summary is intended to help MNE groups comply with notification requirements in the different jurisdictions where they have constituent entities.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor 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 on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.