The Organisation for Economic Cooperation and Development (OECD) today released comments received in response to a consultation document on the 2020 review of country-by-country (CbC) reporting as part of the ongoing work of the OECD/G20 Inclusive Framework on base erosion and profit shifting (BEPS) project. The OECD also announced that a planned public consultation meeting has been cancelled in response to the “evolving situation” with the coronavirus (COVID-19).
Action 13 of the BEPS project established a three-tiered standardised approach to transfer pricing documentation, including a CbC report that provides details of a multinational entity (MNE) group’s revenues, profit before tax, tax accrued, and other information relevant to a high-level risk assessment, for each tax jurisdiction in which the MNE group has a constituent entity. CbC reporting is one of four BEPS minimum standards which all members of the Inclusive Framework are committed to implementing. The BEPS Action 13 report included a requirement that a review of the CbC reporting minimum standard be completed by the end of 2020.
Read today’s OECD release that includes comments received in response to the consultation document.
Read KPMG’s comments [PDF 227 KB] submitted in response to the CbC reporting review consultation document.
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