The review reveals that countries have largely adopted their domestic CbC reporting rules in line with the BEPS Action 13 minimum standard.
The OECD has published an annual peer review report showing impressive progress made by countries in implementing the proposals contained in base erosion and profit shifting (BEPS) Action 13, on country-by-country (CbC) reporting.
CbC reporting, one of the four minimum standards of the BEPS project, requires tax administrations to collect and share detailed information on all large MNEs doing business in their country. The second annual peer review report, published on September 3, considers implementation of the CbC reporting minimum standard by jurisdictions as of April 2019.
The peer review includes a comprehensive examination of 116 countries and tax jurisdictions, who are members of the Inclusive Framework on BEPS.
According to the review, over 80 jurisdictions have introduced legislation to impose a filing obligation on MNE groups, covering almost all MNE Groups with consolidated group revenue at or above the threshold of EUR750m.
Remaining Inclusive Framework members are working towards finalizing their domestic legal frameworks, the OECD noted.
The review reveals that countries have largely adopted their domestic CbC reporting rules in line with the BEPS Action 13 minimum standard.
Finally, according to the review, over 2,200 exchange relationships between tax administrations are now in place. Exchanges of CbC reports began in June last year.
The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also regularly writes news stories about transfer pricing and international tax law. Alex is reachable at editor@transferpricingnews.com
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