The IRS issued final “country by country reporting” (CBCR) regulations in late June, giving US-based multinationals a clearer picture of the complex new reporting regime that will apply to all large corporate taxpayers with foreign operations and annual operating revenue of $850M or more.
The OECD’s “base erosion and profit shifting” initiative included a recommendation that all member countries implement CBCR rules. Under such rules, a parent of a multinational group will be required to provide country-specific information on the origin of revenues and pre-tax income, as well as the amount of taxes paid and earnings retained. Reporting will also be required on the number of employees and the amount of tangible assets and capital, by jurisdiction. Although the reports will not be public, the tax authority in the jurisdiction of filing (typically, the parent’s “home” country) will share the information with the tax authorities in other countries in which the multinational does business.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)