Category: CbC
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Country-by-Country Reporting (CbCR) Regulation in the British Virgin Islands
The British Virgin Islands (BVI), a well-known offshore financial centre, has taken steps to align with international tax transparency standards, including the OECD’s Base Erosion and Profit Shifting (BEPS) initiative. Although the BVI is not an OECD member, it has adopted measures related to BEPS Action 13 on Country-by-Country Reporting (CbCR). This guide provides Chief…
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Country-by-Country Reporting (CbCR) Regulation in Bermuda
Bermuda, as a significant offshore financial centre, plays a critical role in international tax compliance for multinational enterprises (MNEs). While not a member of the OECD, Bermuda has committed to the OECD’s Base Erosion and Profit Shifting (BEPS) initiative, including Action 13 on Country-by-Country Reporting (CbCR). This guide provides Chief Financial Officers (CFOs) and financial…
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Country-by-Country Reporting (CbCR) Regulation in Belize
Country-by-Country Reporting (CbCR) is an important aspect of international tax compliance for multinational enterprises (MNEs). While Belize is a small jurisdiction, it has committed to aligning with international tax standards, including the OECD’s Base Erosion and Profit Shifting (BEPS) Action 13. This article provides Chief Financial Officers (CFOs) and financial executives with a detailed understanding…
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Country-by-Country Reporting (CbCR) Regulation in Aruba
Country-by-Country Reporting (CbCR) is an essential component of international tax compliance for multinational enterprises (MNEs). Although Aruba is not an OECD member, it has committed to implementing international tax standards, including those related to Base Erosion and Profit Shifting (BEPS). This article provides Chief Financial Officers (CFOs) and financial executives with a detailed understanding of…
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Country-by-Country Reporting (CbCR – DAC4) – What it is
The Council Directive (EU) 2016/881 of May 25, 2016, introduced provisions for the mandatory automatic exchange of information in the tax sector. Article 1, paragraphs 145 and 146 of the Law No. 208 of December 28, 2015 (Stability 2016), established that the ultimate parent entity of a multinational group, resident in the territory of the…
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Country-by-Country Reporting (CbCR) Regulation in Italy
Country-by-Country Reporting (CbCR) is a critical element of international tax compliance for multinational enterprises (MNEs). In Italy, the Agenzia delle Entrate (Italian Revenue Agency) has implemented specific guidelines aligned with the OECD’s Base Erosion and Profit Shifting (BEPS) Action 13. This article provides Chief Financial Officers (CFOs) and financial executives with a comprehensive understanding of…
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Regulation No. 1166/2016 on Country-by-Country Reporting of Iceland
Regulation No. 1166/2016 on Country-by-Country Reporting establishes the rules for multinational enterprises (MNEs) in Iceland to comply with country-by-country (CbC) reporting requirements. The key points are: MNE groups with annual consolidated revenue of at least EUR 750 million are required to file a CbC report that provides a breakdown of revenue, profits, taxes and other…
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Article 91 of the Icelandic Income Tax Act No. 90/2003
Article 91 of the Icelandic Income Tax Act No. 90/2003 establishes the rules for determining the tax residency of legal entities in Iceland. Specifically: Legal entities are considered tax resident in Iceland if their home is in Iceland according to their statutes, or if their real management is located in Iceland. The Director of Internal…
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Country-by-Country Reporting (CbCR) Regulation in Iceland: smart guide
Country-by-Country Reporting (CbCR) is a crucial aspect of international tax compliance for multinational enterprises (MNEs). In Iceland, the Directorate of Internal Revenue (Ríkisskattstjóri, RSK) has implemented specific guidelines aligned with the OECD’s Base Erosion and Profit Shifting (BEPS) Action 13. This article provides Chief Financial Officers (CFOs) and financial executives with a comprehensive understanding of…
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Ordinance on Country-by-Country Reporting (CbCR-Ordinance) in Switzerland
The Ordinance on Country-by-Country Reporting (CbCR-Ordinance) in Switzerland is part of the legal framework implemented to comply with the OECD’s Base Erosion and Profit Shifting (BEPS) Action 13. The ordinance, known as ACREO, was introduced on 1 December 2017, and it came into effect for the first time for tax years starting from 1 January…
