Irish Revenue on June 23 issued a set of frequently asked questions regarding new Irish tax legislation and regulations that require country-by-country reporting by multinational corporations.
The country-by-country reports, agreed to by countries participating in the OECD/G20 base erosion profit shifting project, are designed to assist tax administrations in assessing whether there is a risk that multinational corporations are taking inappropriate tax or transfer pricing positions.
The reporting requirements apply to company tax years beginning January 1. MNE groups that have consolidated group revenue of €750 million or more the preceding fiscal year are subject to the rules.
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