On June 30, 2016 the Final Regulations regarding Country-by-Country (CbC) Reporting as issued by the U.S. Department of the Treasury/IRS were published in the Federal Register/Volume 81, No. 126/Thursday, June 30, 2016. The regulations are effective June 30, 2016.

 

The document contains final regulations that require annual country-by-country reporting by certain United States persons that are the ultimate parent entity of a multinational enterprise group. The final regulations affect United States persons that are the ultimate parent entity of a multinational enterprise group that has annual revenue for the preceding annual accounting period of $850,000,000 or more.

 

The document contains amendments to 26 CFR part 1. Furthermore it also contains a section titled: “Summary of Comments and Explanation of Revisions”, in which a.o. the following subjects are discussed:

·        United States Participation in CbC Reporting

·        Form 8975, Country-by-Country Report

·        Constituent Entities and Persons Required To File Form 8975

o       Variable Interest Entities

o       Permanent Establishments

o       Grantor Trusts and Decedents’ Estates

o       Deemed Domestic Corporations

·        National Security Exception

·        Partnerships and Stateless Entities

·        Clarification of Terms

·        Other Form or Information Modifications

·        Voluntary Filing Before the Applicability Date

·        Time and Manner of Filing

·        Employees

·        Source of Data and Reconciliation

·        Expanding Scope and Surrogate Parent Entity Filing

·        Tax Jurisdiction of Residence and Fiscal Autonomy

·        Reporting Threshold

·        Confidentiality and Use of the CbCR

·        Exchange of Information With Foreign Jurisdictions

·        Penalties

 

Click here to be forwarded to the Final Regulations regarding Country-by-Country (CbC) Reporting as in the Federal Register on June 30, 2016.

 

 

Copyright – internationaltaxplaza.info

 

 

Are you looking for a new member for your tax team? Then check out our Special Birthday Offer and benefit from our special rates during the month of June 2016!

 

and

 

Stay informed: Subscribe to International Tax Plaza’s Newsletter! It’s completely FREE OF CHARGE!

 

 

 

Submit to FacebookSubmit to TwitterSubmit to LinkedIn
INTERESTING ARTICLES