Iceland: Ministry of Finance publishes regulation on country-by-country reporting
The Ministry of Finance and the Economy published Regulation No. 1166/2016 on the submission of country-by-country reports (CbC) on 22 December 2016. Under the article 3 of the regulation, Iceland’s parent company resident need to submit a CbC
See MoreChile: CbC reporting implemented
The Tax Authority of Chile published Resolution 126 on 27th December 2016 to implement country-by-country (CbC) reporting. It requires specific taxpayers to submit an annual report to the tax authority disclosing the level of income, profit or
See MoreCzech Republic: Bill introducing CbC reporting submitted to parliament
The government of Czech Republic has submitted a bill on 22nd December 2016 to the parliament, which, if approved, would announce changes to the Law on International Cooperation in the Administration of Taxes. It would implement the provisions
See MoreSingapore- Voluntary filing of CbC Reports for Singaporean tax resident MNE groups for fiscal year 2016
The Inland Revenue Authority of Singapore (IRAS) announced on 19 December 2016 that the voluntary filings for Singaporean multinational enterprise groups for financial year 2016 will be allowed and this follows the e-tax guide of the
See MoreKorea-Tax reform bill of 2017 enacted
Korea enacted the tax reform bill of 2017 on 20 December 2016 which was approved by the National Assembly on 2 December 2016. According to the Tax Reform of 2017 domestic merged brother-sister companies would be considered as tax free if and only
See MorePortugal- Extension of the deadline for filing Country-by-Country reporting notification
The Secretary of State for Tax Affairs’ Office of Portugal published Decree no.254/2016-XXI (dated 12 December 2016) on 15 December 2016 which extends the deadline to submit the mandatory Country-by-Country (CbCR) notification for the fiscal year
See MoreJersey: Country-by-country reporting announced
The Taxation Regulation 2016 of Jersey regarding Country-by-country reporting has been made on 14th December 2016 and the regulations will entry into force on 21st December 2016. It covers a country-by-country (CbC) reporting obligation for
See MoreNorway: Country-by-country reporting under BEPS Action 13
Finance Minister of Norway published a regulation on country-by-country reporting legislation based on proposal under Action 13 of the BEPS Action Plan on 9 December 2016. . Norway’s CbC reporting regulation will be effective from beginning of the
See MoreBrazil: Publishes proposed Country-by-Country reporting rules
The Brazilian Federal Revenue Agency on 4 November 2016, published a proposed Normative Instruction to establish country-by-country reporting (CbCR) rules in Brazil for Multinational groups where the ultimate parent company is a resident in Brazil
See MorePoland: Publishes new reporting requirements for taxpayers
A customized draft act on the exchange of tax information with other states dated October 7, 2016 has been released on the websites of the Polish Government Legislation Center. The Polish legislature has decided to move the regulations on CbC
See MoreSlovak Republic: Bill on CbC reporting submitted to parliament
Slovak Republic has introduced a Bill regarding Country-by-Country Reporting (CbCR) based on the recommendations of the OECD and it was submitted to the parliament on 4th November 2016. If adopted, the bill will become effective from 1st March
See MoreNorway: Published proposal on Country-by-country reporting
The Norwegian Government published its proposal for the 2017 Fiscal Budget on the domestic Country-by-Country (CbC) reporting rules in line with the OECD BEPS Action 13 recommendations to the Norwegian tax authorities. As per the proposal, all
See MoreIsrael: CbC reporting, transfer pricing documentation in budget plan
The Ministry of Finance’s budget plan for 2017-2018 has been approved by the Israeli government on 12th August 2016 that includes tax legislative measures. This budget plan covers: CbC reporting requirement: General rule: The Israeli budget plan
See MoreLuxembourg: Government submitted draft law on CbC reporting to the Luxembourg Parliament
Recently the Luxembourg Government submitted draft law n°7031 on country by country (CbC) reporting to the Luxembourg Parliament. The draft law is in accordance with a European Union (EU) Directive of 25 May 2016 requiring all EU Member States
See MoreCanada: Country-by-country reporting legislation introduced
Following on the Organization for Economic Cooperation and Development’s (OECD) Base Erosion and Profit Sharing (BEPS) initiative, the Finance Department has released draft legislative proposals on 29th July 2016 that would implement certain
See MoreChina issued new rules on TP documentation requirement
China issued Bulletin 42 to introduce a requirement for a master file for MNC group resident in China if their annual inter-company transaction amount exceeds RMB 1 billion. The master file requirement is effective from fiscal year 2016. A master
See MoreBelgium issued new rules on CbC reporting and TP documentation requirement
Belgium issued regulation to introduce a requirement for a master file and a local file for MNC group resident in Belgium if it satisfies one of the three thresholds like a sum of operational and financial income of €50 million; or a balance
See MoreKorea: Revised draft legislation on transfer pricing and country-by-country reporting
The South Korean Ministry of Strategy and Finance has recently released a draft legislation which would amend the existing provisions of Article 11 of the Korean Law which is known as the “Law for the Coordination of International Tax Affairs”
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