The Government of UK has published draft legislation to implement country-by-country reporting (CbCR) based on a template developed by the Organization for Economic Co-operation and Development (OECD). The legislation will be included in the Finance Act 2015. As per this legislation multinational enterprises (MNEs) having UK parent companies will be required to provide CbCR tax related data to HM Revenue & Customs (HMRC).
The draft legislation does not specify a proposed date for implementation. But the expectation is that MNEs will be required to prepare the CbCR template for financial years beginning on or after 1 January 2016.
