Bermuda updates country-by-country reporting guidance for large MNEs

Bermuda’s government has released an updated version of its guidance notes for large multinationals on country-by-country reporting.

The guidance, dated July 26, addresses Bermuda’s country-by-country tax reporting scheme, which follows Action 13 of the OECD/G20 Base Erosion Profit Shifting (BEPS) plan reports, developed in 2015.

The BEPS country-by-country reporting scheme is designed to allow tax authorities around the world to better determinie if there is a risk that a multinational operating in their country is improperly avoiding tax through transfer pricing or other means.

Bermuda’s new guide updates a version published June 28.