Tax & Accounting Blog

OECD Summarizes BEPS Developments to Date

OECD Summarizes BEPS Developments to Date

On October 17, 2017, the OECD held its seventh round of Tax Talks, covering the recent progress jurisdictions have made in implementing various BEPS Action Items. The OECD panelists spoke in detail on the digitalization of the economy; harmful tax practices; tax treaties; country-by-country (CbC) reporting; dispute prevention and resolution; and the Multilateral … Read More

Cyprus Issues Guidance on Submission of Country-by-Country Reports and Notifications

Cyprus Issues Guidance on Submission of Country-by-Country Reports and Notifications

On October 3, 2017, the Cypriot Ministry of Finance issued Circular No. 10 to all Tax Officers regarding the submission of country-by-country (CbC) reports and notifications. See BEPS Action 13. All data related to the submission of notifications and CbC reports will be submitted electronically through the specific application available via the Read More

India Issues Consultation on Master File and Country-by-Country Report

India Issues Consultation on Master File and Country-by-Country Report

On October 6, 2017, the Indian Central Board of Direct Taxes (CBDT) issued a consultation on updates to the rules on country-by-country (CbC) reporting and the master file. See BEPS Action 13. Comments are due by October 16, 2017. Section 286 of the Income-tax Act, 1961 (the “Act”)  requires the submission of … Read More

New Zealand Publishes Guidance on Country-by-Country Reporting

New Zealand Publishes Guidance on Country-by-Country Reporting

On April 26, 2017, New Zealand Inland Revenue (“Revenue”) published guidance on country-by-country (CbC) reporting requirements under OECD BEPS Action 13. These requirements apply to corporate groups headquartered in New Zealand with annual consolidated group revenue of over €750 million. See the required CbC Report (Form IR 1032). Approximately 20 New Zealand-headquartered … Read More

Argentina Implements CbC Reporting Requirements

Argentina Implements CbC Reporting Requirements

On September 20, 2017, the Argentine tax authorities (Administración Federal de Ingresos Públicos or AFIP) issued General Resolution No. 4130-E to introduce country-by-country (CbC) reporting requirements that align with the BEPS Action 13 minimum standard. The measures were published in Argentina’s official gazette the same day, and entered into force accordingly. The AFIP … Read More

OECD Creates Guidance for Tax Administrations on Country-by-Country Reporting

OECD Creates Guidance for Tax Administrations on Country-by-Country Reporting

On September 29, 2017, the OECD issued a press release on the Forum on Tax Administration’s (FTA’s) recent plenary meeting in Oslo. The FTA discussed a number of issues, including the effective implementation of the BEPS project. The event produced new handbooks for tax administrations on country-by-country (CbC) reporting, specifically on effective implementationRead More