The Shifting Landscape of CbC Reporting: Going Beyond the US Form 8975 This is part three of a three-part series about the challenges and complexities of domestic and global regulatory tax changes, and how tax departments at multinational companies can get ahead of them.
In the last installment of this series, we explore how tax departments, consumed lately with responding to US Tax Reform, are about to encounter more global tax challenges on the horizon. Beyond meeting their ongoing compliance obligations for Country by Country Reporting on the Form 8975 in the US, multinationals will soon be dealing with new impacts from tax administrations globally completing their BEPS risk assessments of auto-shared CbC data. And a new wrinkle is likely to surface — CbC Data could possibly be used in new 2020 tax initiatives for the Global Minimum Tax.
How will your tax department get ahead of the game?