On 10 July 2019, IRS published the updated instructions for filing Form 8975 (Country-by-Country Report).
Key changes are highlighted below;
- IRS Updates Mailstop for U.S. MNEs Filing Form 8975 on Paper: If a U.S. multinational enterprise (MNE) files Form 8975 and Schedules A (Form 8975) on paper, the filer must follow the instructions carefully. The Form 8975 and Schedules A (Form 8975) must be attached to the applicable paper tax return. Form 8975 filers should use provided mailing address for the applicable income tax return.
- IRS Updates Guidance on “Stateless” Country Code and Tax Jurisdiction Table for Schedule A (Form 8975): U.S. MNEs must submit a Schedule A (Form 8975) for each tax jurisdiction in which one or more constituent entities is tax resident. The tax jurisdiction field in Part I of Schedule A is a mandatory field, and U.S. MNEs are required to enter a two-letter code for the tax jurisdiction to which the Schedule A pertains. The country code for the United States is “US” and the country code for “stateless” is “X5.” All other country codes can be found at www.IRS.gov/CountryCodes.
