The OECD held its public consultation meeting on the 2020 Review of Country-by-Country Reporting online and has uploaded the video of the session.
This public consultation meeting focused on the key questions identified in the consultation document and raised in the written submissions received as part of the consultation process. During the three-hour webcast, stakeholders in particular warned against expanding the requirements on multinational groups.
In light of COVID-19, a decision was taken by the OECD Secretary-General to postpone the March public consultation meeting on the 2020 Review of Country-by-Country reporting (BEPS Action 13) and instead hold it virtually on May 12-13, 2020.
Action 13 of the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project (BEPS Action 13) established a three-tiered standardized approach to transfer pricing documentation, including a Country-by-Country Report (CBC report) that provides details of an MNE group's revenues, profit before tax, tax accrued, and other information relevant to a high level risk assessment, for each tax jurisdiction in which the MNE group has a constituent entity.
The OECD's public consultation on the new transfer pricing documentation rules proposed as part of BEPS Action 13 received 79 responses.
The public consultation document comprised three chapters: Chapter 1 contained general topics concerning the implementation and operation of BEPS Action 13; Chapter 2 contained topics concerning the scope of CBC reporting; and Chapter 3 contained topics concerning the content of a CBC report. Specific questions upon which comments were sought were set out in each chapter.
The responses received were from a broad range of stakeholders, including large multinationals, tax professionals, business representative groups, civil society organizations, investment funds, and, unusually, a group of 33 US lawmakers, who, alongside a number of civil society organizations, are calling for the reports to be made publicly accessible.
The tax industry and business representative organizations generally urged the OECD to not make significant changes to the requirements that would increase the compliance burden on multinational taxpayers. Some tax industry representatives saw merit in changing the threshold for the requirement to file a CBC report to a multi-year method that would benefit those multinational groups hovering around the EUR750m or equivalent local amount threshold.
（Resource：WoltersKluwer Global Daily Tax News Date：[2020.05.14]）
