The Taxes (Base Erosion and Profit Shifting) (Country-by-Country Reporting) (Amendment) Regulations, SI 2023/752 set out a straightforward but important measure in relation to the requirement for multinationals to notify HMRC that they intend to submit an annual country-by-country report setting out revenue, profit and tax details for each jurisdiction in which they do business. That additional notification requirement was introduced in 2017 in response to DAC4 and is now scrapped, removing what HMRC says is an administrative task (both for MNEs and HMRC itself). The ancillary notification was mandatory under DAC4, but is not required under the OECD BEPS Action 13 standards. The new regulations apply from 26 July 2023.
The Taxes (Base Erosion and Profit Shifting) (Country-by-Country Reporting) (Amendment) Regulations, SI 2023/752 set out a straightforward but important measure in relation to the requirement for multinationals to notify HMRC that they intend to submit an annual country-by-country report setting out revenue, profit and tax details for each jurisdiction in which they do business. That additional notification requirement was introduced in 2017 in response to DAC4 and is now scrapped, removing what HMRC says is an administrative task (both for MNEs and HMRC itself). The ancillary notification was mandatory under DAC4, but is not required under the OECD BEPS Action 13 standards. The new regulations apply from 26 July 2023.
