OECD issue more guidance on Country-by-Country reporting

Dec 04, 2017

The Inclusive Framework on BEPS has released additional guidance to give certainty to tax administrations and MNE Groups alike on the implementation of Country-by-Country (CbC) Reporting (BEPS Action 13).

The additional guidance addresses a number of specific issues: how to report amounts taken from financial statements prepared using fair value accounting; how to treat a negative figure for accumulated earnings; how to treat mergers/acquisitions/de-mergers; how to treat short accounting periods; and the definition of total consolidated group revenue.

According to the OECD, the complete set of guidance related to CbC reporting issued so far is contained in this recent publication. As noted in Chartered Accountants Tax News last Monday, the Irish Revenue extended the deadline for filing CbC reports for fiscal years ending in 2016 to 28 February 2018.