Recent developments that matter from around the globe, reported by Tim Sarson (KPMG).
Public country by country reporting
This month the US took steps towards public country by country reporting (CbCR). The Financial Committee of the House of Representatives approved a bill that would require public companies to disclose certain financial information on a country-by-country basis. This would include total income tax paid on a cash basis to all tax jurisdictions. The next step is for the bill to be considered by the whole House of Representatives before moving on to the Senate.
The EU is also working on its own public CbCR proposal. Back in March the European Council and the European Parliament approved mandates for their negotiating positions and we can expect an update on these negotiations before the end of Portugal’s EU presidency on 30 June 2021.
The proposals in the US...
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Recent developments that matter from around the globe, reported by Tim Sarson (KPMG).
Public country by country reporting
This month the US took steps towards public country by country reporting (CbCR). The Financial Committee of the House of Representatives approved a bill that would require public companies to disclose certain financial information on a country-by-country basis. This would include total income tax paid on a cash basis to all tax jurisdictions. The next step is for the bill to be considered by the whole House of Representatives before moving on to the Senate.
The EU is also working on its own public CbCR proposal. Back in March the European Council and the European Parliament approved mandates for their negotiating positions and we can expect an update on these negotiations before the end of Portugal’s EU presidency on 30 June 2021.
The proposals in the US...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
