For over 50 years, Bloomberg Tax’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...
Jan. 14 — The Treasury Department said it is “exploring discussions” with foreign jurisdictions to ease any administrative hassles or privacy concerns due to a one-year delay in the implementation of U.S. country-by-country reporting requirements.
“We are fully aware of the issue and are exploring discussions with other countries, among other avenues, to assure that country-by-country gets off to a smooth start for everyone—companies and tax administrations alike,” a Treasury spokesman told Bloomberg BNA Jan. 14.
The IRS issued the proposed regulations Dec. 18, but they won't take effect until the taxable year after they are finalized—for most companies, likely to be Jan. 1, 2017.
Some practitioners have raised concerns that companies will still have to file in local jurisdictions for 2016, without the privacy protections of treaty-based information exchange networks and new administrative headaches for the one-year gap (09 DTR G-5, 1/14/16).
The regulations, requiring companies to submit a full global blueprint of their operations, are part of the OECD's action plan on base erosion and profit shifting, which was finalized in October. Many countries have already enacted them into law, or have proposed or indicated rules to do so.
To contact the reporter on this story: Alex M. Parker in Washington at email@example.com
To contact the editor responsible for this story: Molly Moses at firstname.lastname@example.org
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)