Tax & Accounting Blog

Origin of Goods: Who Buys From Whom?

Origin of Goods: Who Buys From Whom?

Blog, Global Trade, ONESOURCE November 3, 2017

Globalization has caused many nations’ economies to depend heavily on globalization. Although there are different points of view, we saw the effects of this dependency on raw materials reflected during the 2010 to 2014 Euro crisis, and the slowing of the Chinese economy during 2011-2016. Understandably, countries that are open to international trade not only … Read More

India Issues Final Rules on Master File and Country-by-Country Report Requirements

India Issues Final Rules on Master File and Country-by-Country Report Requirements

On November 1, 2017, the Indian Ministry of Finance issued a press release on the Central Board of Direct Taxes (CBDT) rules regarding transfer pricing documentation (TPD) in the master file and country-by-country (CbC) report. India has implemented the OECD BEPS Action 13 recommendations on TPD and CbC reporting by adding section … Read More

Australia: Making BEPS CbC reports public – “a shame to kill the golden goose”

Australia: Making BEPS CbC reports public – “a shame to kill the golden goose”

At an Australian Senate Estimates hearing on October 25, 2017, Australian Tax Commissioner Chris Jordan was asked to respond to calls for making country-by-country (CbC) reports public. He was asked whether releasing those reports to the public would be of help to the Australian Taxation Office (ATO). Mr. Jordan said if the reports were … Read More

India Extends Deadline for Filing Country-by-Country Reports

India Extends Deadline for Filing Country-by-Country Reports

On October 25, 2017, India’s Central Board of Direct Taxes (CBDT) issued Circular No. 26/2017 on the deadline for submitting a country-by-country (CbC) report. See BEPS Action 13. CBDT has extended the due date for submission of the CbC report, by the parent/reporting entity that is an Indian resident, for the reporting accounting … Read More