UK commits to country by country reporting
The government has recently announced that the UK is the first country in the world formally to commit to implementing the new country by country reporting template, which was unveiled as part of the OECD’s recommendations on base erosion and profit shifting, published last week.
At some point in the future, UK-based multinationals will have to report to HMRC where they make profits and pay taxes around the world. This is part of the clamp down on international tax avoidance.
The template is designed to help tax authorities gather information on companies’ global activities, profits and taxes. This should then enable them better to assess where risks lie and where efforts to counter tax avoidance should be focused.
Date: 17th November, 2014
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