The demand for greater transparency is changing the tax landscape for international businesses.
The demand for greater transparency is changing the tax landscape.
Post the global financial crisis, media, lobby groups and non-government organisations began to question how much tax multinational companies were paying in the countries they operated in. As a result, new mandatory legislative requirements for Country-by-Country reports of financial tax data have being introduced, proving the OECD Base Erosion and Profit Shifting ("BEPS") agenda and resulting Country-by-Country ("CbC") Reporting is fast becoming a reality.
To read the full report, click here: Country by Country Reporting under Action 13 of the OECD BEPS Action Plan.
Work is ongoing at local country level to implement the OECD recommendations with regard to CbCR. The BVI has released local legislation on CbCR and many of our clients that operate in the BVI as part of wider international groups will need to comply with reporting obligations for those countries in which they operate that do implement CbC Reporting.
Please contact one of our team members who will be able to assist you in understanding your Country by Country reporting requirements.