Tax & Accounting Blog

Brazil Publishes Consultation on Implementation of Country-by-Country Reporting

Brazil Publishes Consultation on Implementation of Country-by-Country Reporting

On November 7, 2016, Brazil’s Ministry of Finance and the Brazilian IRS published Public Consultation RFB No.11/2016 to implement annual country-by-country (CbC) reporting in Brazil. See BEPS Action 13. The consultation runs from November 7 to November 21, 2016. The consultation says that if Brazil does not implement CbC reporting, then … Read More

Singapore: Transfer Pricing Administration – Form for Related Party Transactions

Singapore: Transfer Pricing Administration – Form for Related Party Transactions

On November 3, 2016, the Inland Revenue Authority of Singapore (IRAS) said that, from Year of Assessment (YA) 2018, taxpayers must report certain details of related party transactions (RPT), if the value of RPT in the audited accounts for the financial year exceeds S$15,000,000. The Form for Reporting Related Party Transactions should be … Read More

Final Regulations Issued on U.S. Property Held by CFCs in Partnership Transactions

Final Regulations Issued on U.S. Property Held by CFCs in Partnership Transactions

Treasury and IRS issued final regulations (Final Regulations) on partnership transactions where U.S. property is held by a controlled foreign corporation (CFC). See BEPS Action 3 and Internal Revenue Code (IRC) section 956. The Final Regulations were filed on November 2, 2016 and are scheduled to be published in … Read More

Hong Kong Launches Consultation on Implementation of OECD BEPS Measures

Hong Kong Launches Consultation on Implementation of OECD BEPS Measures

As a major trading centre, Hong Kong's commitment to, and implementation of, the OECD/G20 BEPS measures is of considerable interest. Hong Kong is an Associate in the inclusive framework established by the OECD for implementing the BEPS package. In a significant development, the Hong Kong Government on October 26, 2016 launched a consultation … Read More

Ireland Updates Country-by-Country Reporting FAQs

Ireland Updates Country-by-Country Reporting FAQs

On October 13, 2016, Ireland updated its Country-by-Country Reporting Frequently Asked Questions (FAQs). The FAQs relate to the OECD BEPS Action 13 country-by-country (CbC) reporting requirements and the Irish legislation implementing these requirements. This legislation is included in section 891H of the Taxes Consolidation Act 1997 (TCA 1997)Read More