OECD Publishes Updated Guidance on CbC Reporting

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On 14 October 2022 OECD published updated guidance on CbC reporting.

The guidance contains definitions of items in the CbC reporting template – revenue, related parties, tax accrued and paid, fair value accounting, positive and negative figures etc.

Issued related to particular reporting entities is also addressed (investment funds, major shareholding, deemed listing provisions and permanent establishment information.

Guidance is provided on common issues such as currency fluctuations, definition of consolidated revenue, long and short accounting periods, mergers – demergers and acquisitions, and errors made by MNE groups in preparing CbC reports.

And finally the updated guidance addresses issues related to the mechanism for sharing CbCR between tax authorities.

 

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