Norway: Country-by-country reporting under BEPS Action 13

Posted on Updated on

Finance Minister of Norway published a regulation on country-by-country reporting legislation based on proposal under Action 13 of the BEPS Action Plan on 9 December 2016. . Norway’s CbC reporting regulation will be effective from beginning of the fiscal year or after 1 January 2016. Amending tax procedure law and executing the CbC reporting requirements was enacted on 2 December 2016.

Norway has introduced Country-by-Country (CbC) reporting requirement for domestic entities with an annual consolidated group revenue of NOK 6.5 billion (equivalent to EUR 750 million) or more for the preceding fiscal year. The first CbC report shall be submitted by December 31, 2017 for fiscal years beginning on or after January 1, 2016.

The Country-by-Country (CbC) report must be submitted by a company resident in Norway that is the parent company of a corporate group. A parent company is a company that is not a subsidiary of any other company in Norway. The reporting time will be in effect from fiscal year 2016 and will be part of the annual tax reporting from the first time by end of May 2017.

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s