In its response to the OECD consultation on the GloBE information return (GIR), the CIOT welcomes the principle of a standard return, based around a consistent, transparent set of standards for information collection, and which provides certainty for MNEs. The Institute cautions, however, that the GIR will be ‘enormously complex’ and will likely create a significant additional compliance burden for both taxpayer companies and tax administrations.
The CIOT’s central recommendation for the Inclusive Framework is to streamline the GIR as far as possible, taking a pragmatic view to ensure the return is ‘more administrable and less burdensome, while continuing to deliver on the overall objectives of the proposals’.
In its response to the OECD consultation on the GloBE information return (GIR), the CIOT welcomes the principle of a standard return, based around a consistent, transparent set of standards for information collection, and which provides certainty for MNEs. The Institute cautions, however, that the GIR will be ‘enormously complex’ and will likely create a significant additional compliance burden for both taxpayer companies and tax administrations.
The CIOT’s central recommendation for the Inclusive Framework is to streamline the GIR as far as possible, taking a pragmatic view to ensure the return is ‘more administrable and less burdensome, while continuing to deliver on the overall objectives of the proposals’.
