Get the free BEPS Action 13: Country Implementation ... - Tax - KPMG US

BEDS Action 13: Country implementation summary Last updated: September 4, 2019 2019 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG network of independent

How to fill out beps action 13 country

How to fill out beps action 13 country

1. To fill out BEPS Action 13 country-by-country reporting, follow these steps:
2. Review the local legislation and guidelines related to country-by-country reporting to understand the requirements specific to your country.
3. Gather and organize the necessary information about your multinational enterprise (MNE), including financial, tax, and operational data.
4. Determine the necessary data points and their format for reporting, as per the OECD BEPS Action 13 recommendations.
5. Prepare the country-by-country report using the specified template, ensuring accurate and complete disclosure of information.
6. Verify the correctness of the reported data and ensure compliance with any additional reporting requirements, such as notifications or filings.
7. Submit the completed report to the appropriate tax authorities within the prescribed deadline.
8. Maintain proper recordkeeping and documentation to support the reported information for future reference or for potential audits.
9. Regularly update and review the country-by-country reporting process to adapt to any changes in regulations or guidelines.
10. It is important to consult with tax professionals or advisors who are well-versed in country-by-country reporting to ensure compliance and accuracy throughout the process.

Who needs beps action 13 country?

1. BEPS Action 13 country-by-country reporting is primarily needed by multinational enterprises (MNEs) and their affiliated entities operating in countries that have adopted this reporting framework.
2. Tax authorities of those countries also require this information to assess the potential risks of base erosion and profit shifting activities carried out by the MNEs.
3. Additionally, stakeholders such as investors, regulators, and the public may use this information to evaluate the economic presence and tax practices of MNEs.
4. Compliance with BEPS Action 13 country-by-country reporting is essential for MNEs to demonstrate transparency, mitigate tax-related risks, and maintain a good reputation in the global business environment.

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What is beps action 13 country?

BEPS Action 13 country refers to countries that have adopted the Country-by-Country Reporting (CbCR) requirements under the OECD's Base Erosion and Profit Shifting (BEPS) Action 13 framework.

Who is required to file beps action 13 country?

Multinational enterprises (MNEs) with consolidated group revenue exceeding a certain threshold are required to file BEPS Action 13 country reports.

How to fill out beps action 13 country?

MNEs need to provide detailed information on revenue, profit before tax, income tax paid and accrued, number of employees, tangible assets, and business activities for each tax jurisdiction where they operate.

What is the purpose of beps action 13 country?

The purpose of BEPS Action 13 country reporting is to enhance transparency and provide tax authorities with information to better assess transfer pricing and BEPS-related risks.

What information must be reported on beps action 13 country?

BEPS Action 13 country reports must include high-level information on the MNE group's global allocation of income, taxes paid and accrued, and other indicators of economic activity.