The additional interpretative guidance will help MNE Groups in avoiding common errors made in preparing CbC reports.
The OECD, on November 5, released additional interpretative guidance relating to the country-by-country (CbC) reporting requirement.
The guidance is aimed at providing greater certainty to tax administrations and MNE Groups. It includes questions and answers on the treatment of dividends received, the operation of local filing, the use of rounded amounts in Table 1 of an MNE Group’s CbC report, and the information that must be provided with respect to the sources of data used.
A summary of common errors made by MNE Groups in preparing CbC reports has also been made available on the OECD website.
“The release of this summary will help MNE Groups in avoiding these errors and tax administrations in detecting them where they occur. This summary will be updated as further common errors, if any, are identified,” the OECD said.
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