Luxembourg: Parliament adopts bill on public CbC reporting
On 19 July 2023, the Luxembourg Parliament adopted Bill no. 8158 to implement public Country-by-Country (CbC) reporting in compliance with Directive (EU) 2021/2101. The bill conforms to the directive and sets the public reporting threshold at an
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Romania provides guidelines on public CbC reporting obligations
On 21 June 2023, the Romanian Government issued guidance to implement of the EU Public Country-by-Country (CbC) reporting Directive in the Official Gazette. On 1 September 2022, Romania became one of the first European Union (EU) Member States to
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UK amends CbC notification Requirement
On 5 July 2023, the House of Commons in the United Kingdom (UK) made a significant decision by accepting Statutory Instrument No. 752/2023 to amend tax regulations on BEPS country-by-country (CbC) notification requirement. The UK government has
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Germany passes law for public Country-by-Country reporting
On 21 June 2023, Germany released the Law introducing Public Country-by-Country (CbC) reporting. This legislation is in accordance with Directive (EU) 2021/2101 and is applicable to multinational and high-revenue companies, whether related or
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Lithuania: CbC reporting directive converted into domestic law
On 15 June 2023, Lithuania has published a law which transposed the EU public CbC reporting directive into domestic law. This requirement is applicable to companies and groups engaged in business activities across a minimum of two jurisdictions,
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France endorses public CbC reporting law
On 21 June 2023, France officially released Ordinance No. 2023-483, which mandates the public disclosure of CbC (Country-by-Country) reporting information. The ordinance was officially released in the French Official Journal. As per the European
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Australia delays public CbC reporting implementation
On 23 June 2023, the Australian government declared that it has decided to delay the implementation of public country-by-country (CbC) reporting requirement to 1 July 2024 considering feedback from stakeholders. The focus of stakeholder feedback
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Ireland implements public country-by-country reporting directive
On 22 June 2023, the Irish Minister for Enterprise, Trade and Employment signed the European Union (Disclosure of income tax information by certain undertakings and branches) Regulations 2023 regarding the implementation of public country-by-country
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Chile extends deadline for transfer pricing returns
On 20 June 2023, the Chilean tax authority (SII) issued Resolution No. 70 that provides an extension of three months to taxpayers who were required to submit their transfer pricing returns between 1 July 2023 and 30 September 2023. The extension
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Germany approves bill on public CbC reporting directive
On 11 May 2023, the lower house of the parliament (Bundestag) approves a bill to implement EU Directive, requiring publicly disclose CbC report for qualifying Multinational Enterprises (MNEs) operating in the EU. The Public Country-by-Country
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Kenya: Transfer pricing tax measures in Finance Bill 2023
On 28 April 2023, the Cabinet Secretary of the Kenya Ministry of Finance submitted the Finance Bill 2023 (the Bill) to Parliament, which provides the following tax measures related to transfer pricing. The bill proposes to prohibit taxpayers from
See MoreAustralia releases draft legislation on public CbC reporting requirement
On 6 April 2023, the Australian Treasury Department issued draft legislation outlining the implementation of public country-by-country (CbC) reporting requirements for specific tax-related information to be disclosed by multinational enterprises
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Lithuania publishes draft law to transpose public CbC reporting
On 7 March 2023, the government of Lithuania issued a draft law to transpose the EU Public Country-by-Country (CbC) Reporting Directive into domestic law. According to the Directive, the upcoming legislation will mandate multinational corporations
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Greece: Public Revenue Authority publishes frequently asked question on CbC Report
On 24 February 2023, the Public Revenue Authority released frequently asked question (FAQ) document in English providing the elaborate description of country-by-country (CbC) reporting, related OECD Country-by-Country reporting guidelines and
See MoreLuxembourg: Government presents a draft bill to the Parliament on public CbC reporting
On 24 February 2023, the Luxembourg government presented Bill no. 8158 to the Parliament to implement public Country-by-Country (CbC) reporting in compliance with Directive (EU) 2021/2101. The bill conforms to the directive and sets the public
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Israel publishes a new CbC Notification form
The Israeli Tax Authority (ITA) has recently released a new Notification Form 1585 for the disclosure of information related to Country-by-country reporting (CbCR). This includes providing details on group revenues, identifying the Ultimate Parent
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Luxembourg: Tax authority updates FAQs on CbC reporting
On 18 January 2023, the Luxembourg Tax Authority updated the frequently asked questions (FAQs) on country-by-country (CbC) reporting according to the guidance issued by the OECD in October 2022. The latest updates include the following
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US: IRS invites to comments on CbC report form
As part of its continuing effort to reduce paperwork and respondent burden, on 5 January 2023, the Internal Revenue Service invited the general public and other federal agencies to take this opportunity to comment on proposed and/or continuing
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