Tax & Accounting Blog

Chile Publishes Resolution Introducing Country-by-Country Reporting Requirement

Chile Publishes Resolution Introducing Country-by-Country Reporting Requirement

On December 27, 2016, the Chilean tax authorities (Servicio de Impuestos Internos – SII) published Resolution No. 126 (the “Resolution”). The Resolution updates the current annual transfer pricing return (affidavit) requirements to introduce an associated country-by-country (CbC) reporting requirement. See BEPS Action 13. The new CbC requirements include the following: Annual … Read More

Brazil Publishes Country-by-Country Reporting Requirements

Brazil Publishes Country-by-Country Reporting Requirements

On December 29, 2016, Brazil published Normative Instruction RFB No. 1681, requiring country-by-country (CbC) reporting. See BEPS Action 13. The ultimate parent entity, or another entity that is a Brazilian tax resident, is required to submit the CbC report. An entity other than the ultimate parent can submit the report if … Read More

Luxembourg Publishes Extended Notifications for Country-by-Country Reporting

Luxembourg Publishes Extended Notifications for Country-by-Country Reporting

On December 27, 2016, Luxembourg published a newsletter, saying that the government has implemented country-by-country (CbC) reporting and the mandatory automatic exchange of CbC information. See BEPS Action 13. On December 13, 2016, the Luxembourg Parliament adopted Law No. 7031, implementing CbC reporting and the mandatory automatic exchange of … Read More

Country-by-Country Reporting Proposals Achieve Royal Assent in Canada

Country-by-Country Reporting Proposals Achieve Royal Assent in Canada

On December 15, 2016, Bill C-29 (“Bill”) received Royal Assent by the Canadian Parliament, implementing certain proposed and confirmed provisions from the March 22, 2016 budget. The Bill includes amendments to the Income Tax Act (“Act”) with respect to CbC reporting (proposed in March 22 budget) and the common reporting standard for the … Read More

Fighting Income Inequality on the Wrong Battlefield

Fighting Income Inequality on the Wrong Battlefield

David Brunori is a partner at Quarles and Brady and a Professor at The George Washington University. The Portland, Oregon city council recently voted to impose a unique (and uniquely bad from a policy perspective) tax on corporations. The tax will address “income inequality” in Portland, presumably by making everyone poorer. If the law goes … Read More