(Second of two parts)
Last week, we discussed the revised set of standards for Transfer Pricing (TP) documentation and a template for country-by-country reporting (CBCR) of income, earnings, taxes paid and certain measures of economic activity as contained in Action Plan 13 of the Base Erosion and Profit Shifting (BEPS) Project. The CBCR provides a list of all the constituent entities for which financial information is reported. It includes details such as the individual entity’s tax jurisdiction, revenue, profit (loss) before income tax, income tax paid and accrued, stated capital, main business activities, and accumulated earnings, among others. A constituent entity is any separate business unit of the multinational enterprise (MNE) group that is included in the consolidated group for financial reporting purposes.
Mar 222015