Germany: Ministry of Finance introducing CbCR, Master File and Local File

05 June, 2016

The German Ministry of Finance published a draft bill on 1 June 2016 to incorporate guidance on transfer pricing documentation and country-by-country (CbC) reporting into local legislation. The draft bill required multinationals with consolidated

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Austria: Publishes Transfer Pricing Documentation draft Law

30 May, 2016

The Austrian Ministry of Finance (MoF) published the draft of the European Union (EU) Tax Amendment Act 2016 on 9 May 2016. The focus of this proposal is the draft of the new Austrian Transfer Pricing Documentation Law (TPDL). The new law serves as

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Belgium would introduce Cbc reporting and transfer pricing documentation requirements

18 May, 2016

A draft law that would introduce country-by-country reporting and formal transfer pricing documentation requirements at present is in the process of being finalized in Belgium. Cbc reporting Belgium has proposed draft legislation to introduce the

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Norwegian Government Issued its Proposal for Implementation of Country-by-Country Reporting

15 May, 2016

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

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Sweden Proposes Implementation of BEPS 13

02 May, 2016

The Swedish Tax Agency (STA) has proposed to implement transfer pricing documentation and Country-by-Country (CbC) Reporting. As per the proposal, the Master File reporting obligations will be applicable to MNEs that have more than 250 employees and

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Russia: Draft law on CbC reporting requirements issued for public consultation

18 April, 2016

The Russian Finance Ministry has issued a draft law regarding the introduction of country-by-country (CbC) reporting in Russia on 8 April 2016. The CbC reporting requirements would apply only to international groups whose aggregate revenue according

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Switzerland: Published draft legislation on country-by-country reporting

18 April, 2016

The Swiss Federal Council published draft law with respect to Country-by-Country reporting for consultation on 13 April 2016. The draft law is based on the recommendations contained in the OECD BEPS Action Plan 13 (“Transfer Pricing Documentation

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South Africa: SARS publishes draft regulations concerning CbC reporting standard for MNEs

17 April, 2016

The South African Revenue Service (SARS) on 11 April 2016 published draft regulations concerning a country-by-country (CbC) reporting standard for multinational enterprises. South African MNEs with annual group consolidated turnover exceeding ZAR

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Portugal-Budget Law for 2016 implements country-by-country reporting requirements

10 April, 2016

The Portuguese Budget Law for 2016 has been approved on 16 March 2016. The approved Budget Law implements country-by-country reporting requirements. Country-by-Country (CbC) reporting requirement will be applicable for domestic entities with

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Malaysia: IRB is planning to introduce a Country-by-Country (CbC) reporting requirement

04 April, 2016

The Malaysian Inland Revenue Board announced plans to introduce a Country-by-Country reporting requirement and to update current local transfer pricing documentation requirements to include the Master File and Local File concepts, in line with

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Tanzanian Requires Taxpayers with Related-Party Transactions Contemporaneous Transfer Pricing Documentation

02 April, 2016

The requirement for transfer pricing documentation has been in place since February 7, 2014 but the Tanzania Revenue Authority (TRA) had not previously enforced this requirement. TRA have started requesting transfer pricing documentation from

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Japan approves tax reforms for 2016

31 March, 2016

The parliament (National Diet) on 29 March 2016 passed the tax reform  for 2016. The main changes are set out below: Corporate income tax: The main corporation tax rate is to be reduced to 23.4% from 23.9% for taxable years beginning on or after 1

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Canada: Proposal regarding CbC reporting in Budget 2016

23 March, 2016

Canadian Budget for 2016 proposes new legislation to strengthen transfer pricing documentation by introducing country-by-country reporting for large MNEs. The new transfer pricing documentation rules will follow the base erosion and profit shifting

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Turkey: Draft communiqué on transfer pricing documentation, country-by-country reporting

18 March, 2016

The revenue administration of Turkey has issued a draft communiqué on 16th March 2016 that would introduce new transfer pricing documentation rules that generally follow the base erosion and profit shifting (BEPS) Action 13 recommendations and

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India: Country-by-country reporting, transfer pricing documentation rules in budget 2016

15 March, 2016

The fiscal budget was announced in India on 29 February 2016. One of the most important developments from a Transfer Pricing (TP) regulations perspective was introduction of Country-by-Country (CbC) reporting norms for TP documentation. If this

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UK: Introduced Country-by-Country (CbC) Reporting Requirement as Final Regulation

11 March, 2016

UK has introduced Country-by-Country (CbC) reporting requirement for domestic entities with consolidated group revenue of €750 million or more for an accounting period. The Commissioners may give a general or specific direction to a reporting

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Chile: IRS established an obligation to submit a new affidavit aligned with BEPS

01 March, 2016

According to tax audit strategy of Chile, the Internal Revenue Service (IRS) has improved its formal requirements for Chilean taxpayers. On 24th December 2015, the IRS established an obligation to submit an affidavit F.1913 (Annual Return of Global

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Nigeria: Country-by-country reporting update

02 February, 2016

A Multilateral Competent Authority Agreement (MCAA) has been signed by Nigeria for executing the exchange of country-by-country (CbC) reports. This reports will include summary of income earned and tax paid, and the number of employees positioned by

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