The Swiss government today announced that, by the end of June, the Federal Tax Administration (FTA) will send its first country-by-country reports on multinational groups to partner states under the base erosion profit shifting (BEPS) scheme.
The country-by-country reporting scheme, agreed to by nations in 2015 as a result of the BEPS plan, is designed to provide tax administrations with information about multinational groups operating in their countries to aid in determining if there is a risk that the groups are avoiding tax through inappropriate transfer pricing or other means.
The Swiss government said it expects to send 109 country-by-country reports to 35 countries by the end of this month. The reports relate to the groups’ 2016 tax period.
This first exchange will be conducted on a voluntary basis at the multinational’s request, the FTA said. The submission of reports will be mandatory from the 2018 tax period.
The Swiss government said it is not yet known whether the FTA will receive any country-by-country reports relating to groups headquartered in partner states until the 2018 tax period.
The country-by-country reports contain information detailing the multinational group’s global allocation of income, taxes paid, and business activities in various countries.
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