On October 5, 2015 the HM Revenue & Customs (HMRC) opened a Technical consultation on country-by-country reporting. According to an announcement made by the HMRC in this respect, the technical consultation will be open until November 16, 2015.

According to that same announcement, the aim of the technical consultation process is to ensure that country-by-country reporting will be implemented in the United Kingdom as intended and with effect for accounting periods commencing on or after January 1, 2016.

 

Legislation was introduced in section 122 Finance Act 2015 to enable the making of regulations to implement country-by-country reporting once the Organization for Economic Co-operation and Development (OECD) had completed work on Action 13 of its action plan on base erosion and profit shifting (BEPS).

 

The announcement furthermore emphasizes that the draft regulations should be read in conjunction with the OECD’s consolidated report on Action 13 of the BEPS action plan transfer pricing documentation and country-by-country reporting published on October 5, 2015.

 

The following two documents are attached to the announcement:

·        STATUTORY INSTRUMENTS -2015 No. –TAXES -The Taxes (Base Erosion and Profit Shifting) (Country-by-Country Reporting) Regulations 2015;

·        DRAFT - EXPLANATORY MEMORANDUM TO THE TAXES (BASE EROSION AND PROFIT SHIFTING) (COUNTRY-BY-COUNTRY REPORTING) REGULATIONS 2015 - 2015 No. [XXXX]

 

The consolidated report on Action 13 of the BEPS action plan: transfer pricing documentation and country-by-country reporting published as on October 5, 2015 can be found here.

 

For further information, click here to be forwarded to the announcement as issued by the HMRC in this respect.

 

 

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