UK releases regulations to implement country-by-country reporting

The UK on October 5 released draft regulations to implement country-by-country tax reporting to tax authorities from January 1, 2016, pursuant to action 13 of the OECD/G20 base erosion and profit shifting plan.

Legislation was introduced last March in section 122 Finance Act 2015 to enable the making of regulations to implement country-by-country reporting.

A consultation on the regulations will run until November 16.

See:

• Technical consultation on draft regulations for country-by-country reporting

• Explanatory memorandum to the draft regulations for country-by-country reporting

Related MNE Tax articles:

• UK government releases Finance Bill 2015 including final text of diverted profits tax