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05 December 2016 OECD updates guidance on Country-by-Country Reporting and launches new site on country-specific implementation The Organisation for Economic Co-operation and Development (OECD) on December 5, released an updated version of the Guidance on the Implementation of Country-by-Country Reporting (CbCR). This update was agreed by all members of the Base Erosion and Profit Shifting (BEPS) inclusive framework and contains a clarification according to which adopting a flexible approach on CbCR notifications is in line with the minimum standard contained in BEPS Action 13. Thus, a country requiring notifications could either delay the notification date or adopt a soft landing approach in which notifications could be amended or updated without carrying penalties. A Tax Alert prepared by EY's Global Tax Desk Network, and attached below, provides additional details. Document ID: 2016-2061 |
