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MEMORANDUM COUNTY EXECUTIVE OFFICE County of Placer TO:Board of SupervisorsDATE: July 27, 2020FROM:Todd Leopold, County Executive Officer By: Erin Casey, Principal Management AnalystSUBJECT:Urgency
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M E M O stands for Multinational Entity M E M O.
M E M O must be filed by multinational entities with annual consolidated group revenue of $850 million or more.
M E M O is typically filled out electronically using specific software tools provided by tax authorities.
The purpose of M E M O is to provide tax authorities with information about how multinational entities allocate profits, taxes, and economic activity on a country-by-country basis.
M E M O requires reporting on revenues, profits, taxes paid and accrued, employees, and assets in each tax jurisdiction where the multinational entity operates.
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