Country by country reporting – What does this mean for you?
On 8 June 2015, the Organisation for Economic Co-operation and Development (OECD) released the Country-by-Country Reporting (CbCR) implementation package as part of Action item 13 of the Base Erosion & Profit Shifting (BEPS) initiative. The CbCR workstream, a key pillar underpinning the BEPS initiative, will complement the OECD’s efforts to stamp out BEPS activities by enhancing tax transparency through the sharing of key tax information of Multinational Corporation (MNC) groups.
In broad terms, the purpose of CbCR is for MNC groups to disclose key aspects of their global tax profile to revenue authorities for risk identification purposes. This article discusses the implications of CbCR from a Singapore perspective.