Norway has published a public consultation paper regarding country-by country (CbC) reporting for tax purposes. As per the proposal, multinational groups when the ultimate parent company is a resident in Norway would be required to submit country-by country (CbC) reports.
The proposal is generally in line with the final report issued in October 2015 under the OECD’s base erosion and profit shifting (BEPS) Action 13. As regard to country-by-country reporting, it is proposed that all Norwegian companies of multinational groups with a consolidated turnover of at least NOK 6.5 billion which is approximately U.S. $720 million would be required to file a country-by-country report. The country-by-country report would then, in principle, be made available to all countries where the group operates. It is proposed that the amendments to Norway’s tax law would be effective for all accounting years starting 1 January or later. Hence, the country-by country report would have to be submitted for the first time before 31 December 2017 for the fiscal year 2016.
