The Norwegian Government has sent its draft bill on the domestic Country-by-Country (CbC) reporting rules to the Norwegian tax authorities. As per the proposal, all multinational groups with annual consolidated group revenue equal to or exceeding NOK6.5 billion (approximately US$730 million) will be obliged to file a CbC report. The CbC report shall be submitted in the jurisdiction where the group’s ultimate parent company is tax resident and shall be exchanged with the jurisdictions where the group operates (i.e., through a subsidiary or permanent establishment) by using exchange of information agreements. If enacted, the CbC reports will be submitted by 31 December 2017 for the fiscal year beginning 1 January 2016 or later.
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