BEPS Action 13: Country-by-country Reporting Implementation Package
Tax Analysis:June 26, 2015/China
On 8 June 2015, the OECD, as part of the G20/OECD work on the action plan to address base erosion and profit shifting (BEPS), released Action 13: Country-by Country Reporting Implementation Package. (Tax Analysis:June 26, 2015/China)
This follows the two reports previously issued by the OECD: (i) the agreement of a three-tier global standard for transfer pricing documentation, including a common template for county-by-country (CbC) information to be reported to the tax authorities (released in September 2014); and (ii) implementation guidance in relation to the CbC report, including the timing of introduction, application to “large” businesses and filing mechanisms (released in February 2015). The implementation package outlines model legislation that governments can use to adopt the new rules, as well as competent authority agreements to implement the sharing mechanisms for the CbC report.
The China Tax Desk offers a wide range of advisory and other services tailored to suit each client’s needs to resolve various tax issues faced in its Chinese business. We work in close collaboration with Deloitte China to support Japanese companies operating in China.
Deloitte Tohmatsu Tax Co. provides Japanese companies are considering developing business overseas with one-stop international tax services in relation to foreign investment to support their globally appropriate, optimal tax risk/cost management that is aligned with their business operations through Deloitte’s global network.
In the globalized economy, transfer pricing has become a leading risk management issue for multinational businesses. Our transfer pricing professionals can assist you with efficiently managing your transfer pricing to minimize assessment risk and avoid costly defense actions.