In releasing the outcomes of the third phase of peer reviews of the BEPS Action 13 Country-by-Country (CbC) reporting initiative, the OECD reports ‘strong progress’ in continuing efforts to improve the taxation of multinational enterprises (MNEs) worldwide. The report considers implementation of the CbC reporting minimum standard by jurisdictions as of April 2020, highlighting the following:
the peer review now covers 131 jurisdictions;
almost all MNEs over the €750m group revenue filing threshold are now covered;
national implementation of CbC reporting is largely consistent with BEPS Action 13; and
more than 2,500 bilateral relationships for CbC exchanges are now in place.
The report also notes that work is continuing on the 2020 review of the CbC reporting minimum standard and is expected to be completed this year.
In releasing the outcomes of the third phase of peer reviews of the BEPS Action 13 Country-by-Country (CbC) reporting initiative, the OECD reports ‘strong progress’ in continuing efforts to improve the taxation of multinational enterprises (MNEs) worldwide. The report considers implementation of the CbC reporting minimum standard by jurisdictions as of April 2020, highlighting the following:
the peer review now covers 131 jurisdictions;
almost all MNEs over the €750m group revenue filing threshold are now covered;
national implementation of CbC reporting is largely consistent with BEPS Action 13; and
more than 2,500 bilateral relationships for CbC exchanges are now in place.
The report also notes that work is continuing on the 2020 review of the CbC reporting minimum standard and is expected to be completed this year.
