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Country by country reporting and partnerships

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HMRC has announced its intention to amend the UK’s country-by-country reporting regulations to ensure that partnerships, as well as companies, are included. This follows publication in June of the OECD’s Guidance on the implementation of country by country reporting – BEPS Action 13, which made clear that partnerships are within scope of the rules as reporting entities.

The government remains ‘committed to implementing the OECD recommendations on country-by-country reporting and in the autumn will propose amendments to the regulations to include partnerships’.

The Taxes (Base Erosion and Profit Shifting) (Country by Country) Reporting Regulations, SI 2016/237, introduced the requirement for any UK-resident ultimate parent entity of a multinational enterprise with a consolidated group turnover of €750m or more to make an annual country by country report to HMRC, for accounting periods commencing on or after 1 January 2016. The amended regulations will continue to apply from this date.

Issue: 1320
Categories: News