(June 8, 2015)

On June 8, 2015 the OECD released a package of measures for the implementation of a new Country-by-Country Reporting plan developed under the OECD/G20 BEPS Project. According to a press release issued by the OECD in this respect, the implementation package consists of model legislation requiring the ultimate parent entity of an MNE group to file the Country-by-Country report in its jurisdiction of residence, including backup filing requirements when that jurisdiction does not require filing.

The press release also states that the package also contains three Model Competent Authority Agreements to facilitate the exchange of Country-by-Country reports among tax administration. According to the press release the model agreements are based on the Multilateral Convention on Administrative Assistance in Tax Matters, bilateral tax conventions and Tax Information Exchange Agreements (TIEAs).

The press release furthermore states that the package was approved by the countries participating in the OECD/G20 BEPS Project at the last meeting of the OECD Committee on Fiscal Affairs, held on May 27-28, 2015.

According to the press release as issued by the OECD Country-by-Country reporting requirements will require MNEs to provide aggregate information annually, in each jurisdiction where they do business, relating to the global allocation of income and taxes paid, together with other indicators of the location of economic activity within the MNE group, as well as information about which entities do business in a particular jurisdiction and the business activities each entity engages in.

Click here to be forwarded to “Action 13: Country-by-Country Reporting Implementation Package” as available on the website of the OECD, which will open in a new window.

Did you know that you can efficiently locate more BEPS Action 13 related documents and other BEPS related documents via our BEPS LIBRARY?

Click here to be forwarded to the press release as issued by the OECD in this respect.

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