On 26 December 2018, India’s Ministry of Finance released a Circular, which provides for an extension of the deadline for non-parent constituent entities in India to submit a Country-by-Country (CbC) report where secondary local filing is required (ultimate parent not required to file or there is no CbC exchange with ultimate parent’s jurisdiction).
The circular follows the recent notification that set the standard deadline for non-parent constituent entities at within 12 months from the end of the reporting accounting year. Given the difficulty of meeting that deadline on such short notice for accounting years ended 31 December 2017, the Board has approved a deadline extension to 31 March 2019 for accounting years ending up to 28 February 2018.
