Ireland is now ready to accept country-by-country reports or equivalent reports of multinationals for fiscal years ending 2016.
The reports being collected by Ireland will be transferred to tax authorities of other nations as part of a plan, agreed by nations in 2015, to give tax authorities more information about multinationals operating within their borders. The information will aid in the determination of whether the multinationals are at risk of engaging in tax avoidance through transfer pricing or other means.
Irish Tax and Customs Ebrief 117/17, dated December 19, advises that the validation module has now been received from the European Commission and integrated with the Irish tax authority’s systems, enabling the tax authority to collect the reports.
The government advised in November that, due to the late availability of the country-by-country filing facility, country-by-country reports for fiscal years ending in 2016 will be accepted until February 28.
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