The South African government has granted an extension for multinationals to file country-by-country reports originally due December 2017 or January 2018. MNE may now submit these reports by February 28, 2018, the government said.
The filing requirement is designed to allow South Africa to meet its commitments under the base erosion profit shifting (BEPS) action plan,. The South Africa Revenue Authority will receive and exchange information these reports with other jurisdictions pursuant to the BEPS plan.
The disclosures are designed to aid South Africa and other countries in determining whether multinationals operating in their countries are at risk of engaging in tax avoidance.