Tax & Accounting Blog

Portugal Implements EU Directives on Exchange of Tax Rulings and CbC Reports

Portugal Implements EU Directives on Exchange of Tax Rulings and CbC Reports

On August 24, 2017, Portugal published Law No. 98/2017 in the official gazette, which implements EU Directives 2015/2376 and 2016/881 on the automatic exchange of tax ruling and CbC reporting information among EU member states, respectively. The measures apply retroactively from January 1, 2017. Tax Rulings (BEPS Action 5) Building on the … Read More

OECD Releases Additional Guidance on Country-by-Country Reporting

OECD Releases Additional Guidance on Country-by-Country Reporting

On September 6, 2017, the OECD’s Inclusive Framework on BEPS released two sets of guidance for tax administrations and MNE groups regarding the implementation and operation of country-by-country (CbC) reporting. See BEPS Action 13. Existing guidance on the implementation of CbC reporting has been updated to address the following issues: Definition of … Read More

U.S. IRS Publishes List of Negotiating Countries for the Exchange of Country-by-Country Reports

U.S. IRS Publishes List of Negotiating Countries for the Exchange of Country-by-Country Reports

The U.S. Internal Revenue Service (IRS) has updated its country-by-country (CbC) reporting jurisdiction status table, as of August 29, 2017, to include jurisdictions that are negotiating bilateral competent authority arrangements (CAAs) with the U.S. to exchange CbC information. The table also includes jurisdictions that have signed a CAA with the U.S. to exchange CbC … Read More