The US IRS today issued clarifications to the instructions for filing Schedule A (Form 8975) dealing with country-by-country reporting for multinationals.
The new instructions detail how to report fiscally transparent entities when a US MNE group has US-organized constituent entities that are fiscally transparent.
The new guidance also adds new details about the appropriate country codes to be entered in the tax jurisdiction field in Part I of Schedule A.
Specifically, the guidance address codes for Akrotiri, Ashmore and Cartier Islands, Clipperton Island, Coral Sea Islands, Dhekelia, Paracel Islands, Spratly Islands, and other countries.
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