Recently the Ministry of Finance released for public comments, a draft bill to introduce master file requirement as per the recommendations of the OECD’s base erosion and profit shifting (BEPS) Action 13. Master file will contain information regarding description of the group’s capital structure, transfer pricing policy and significant intangible assets utilized. If this provision is enacted, it will be applicable to the fiscal year beginning from 1 January 2017.
The Ministry of Finance released for public comments, a draft bill to introduce local file requirement as per the recommendations of the OECD’s base erosion and profit shifting (BEPS) Action 13. A local file will contain specific transfer pricing information for each relevant country of operation.
The Ministry of Finance released for public comments, a draft bill to introduce country-by-country (CbC) reporting as per the recommendations of the OECD’s base erosion and profit shifting (BEPS) Action 13. Multinational groups where the ultimate parent company is a resident in Finland would be required to submit country-by country reports if the consolidated turnover exceeds €750 million. The government intends for the provisions to be enacted and effective beginning 2017.
