Amendments

OECD Guidelines on C By C reporting

The OECD on December 23 released additional interpretative guidance on country-by-country reporting. The guidance was approved by a coalition of 130+ countries known as the “Inclusive Framework on BEPS.” The OECD also posted a summary of country-by-country reporting notification requirements in Inclusive Framework countries.

The update to the guidance clarifies that countries do not need to automatically exchange local reports on multinational groups to meet Action 13 minimum standards developed by OECD and G20 countries in 2015 as a result of the base erosion and profit shifting (BEPS) plan. Inclusive Framework countries have committed to adopt the BEPS minimum standards as a condition of participating in the framework.

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