India: Latest update on country-by-country reporting

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India has recently included a country-by-country (CbC) reporting requirement in section 286 of the Indian Income-tax Act, 1961, with effect from the financial year 2016-2017.

The first round of CbC reports, if applicable, must be submitted to the Indian tax authorities by 30 November 2017. The Instructions of the Central Executive Board of Direct Taxation (CBDT) are pending. Therefore, taxpayers in India can for now look to the CbC reporting guidelines from the Organization for Economic Cooperation and Development (OECD).

In April 2017, the OECD released additional guidance for tax administrations to use in implementing CbC reporting. The guidance addresses issues relating to the definition of items; entities to be reported; filing obligations; and the sharing mechanism for the exchange of  CbC reports between countries.

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