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US Treasury considers earlier country by country reporting

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We understand that the US Treasury and IRS are looking at allowing US-headed groups to file country by country reports on a voluntary basis for 2016, which is earlier than the start date of 1 January 2017 envisaged in draft regulations issued in December 2015. Many jurisdictions are implementing OECD BEPS action 13 on country by country reporting during 2016, which could leave subsidiaries of US multinationals operating in those countries having to file secondary reports on behalf of the parent entity. Secondary reporting is voluntary for 2016 under the EU Administrative Cooperation Directive, although some member states, including the UK, have made it a requirement with effect from 1 January 2016. 

Issue: 1307
Categories: News