Guidance on country-by-country reporting

The Organisation for Economic Co-operation and Development (OECD) has released two documents to support the global implementation of country-by-country reporting (base erosion and profit shifting action 13). They give:

• key details of jurisdictions’ domestic legal frameworks for such reporting; and
• additional interpretive guidance on the country-by-country reporting standard.

The former includes the status of the legislation first reporting periods availability of surrogate filing and voluntary filing and whether local filing can be required.

The additional guidance relates to the case when a notification to the tax administration may be required to identify the reporting entity within a multinational group. It confirms that jurisdictions have flexibility as to the due date for such notifications. This may be relevant during the period when jurisdictions are still implementing country-by-country reporting because multinationals may not yet have the information to submit their notifications.

The...