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Dr. B.R.AMBER OPEN UNIVERSITY FINANCE BRANCH No/Finance/IT/202223Date: 13 102022CIRCULAR Sub: Income Tax for the financial year 202223 (202324 A) Under the rules of Tax deduction at source Reg. Ref:
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How to fill out c i r c
01
Obtain a CIRC form from the appropriate authority or organization.
02
Fill in your personal information such as name, address, contact details, etc.
03
Provide the necessary details about the incident or complaint you are reporting.
04
Sign and date the form to certify the information provided is true and accurate.
05
Submit the completed CIRC form to the designated recipient or office.
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What is c i r c?
CIRC stands for the Country-by-Country Reporting, which is a component of the OECD's Base Erosion and Profit Shifting (BEPS) Action Plan. It requires multinational companies to provide a breakdown of their financial, tax, and operational information on a country-by-country basis.
Who is required to file c i r c?
Generally, multinational enterprises (MNEs) with annual consolidated revenue of €750 million or more in the preceding fiscal year are required to file CIRC.
How to fill out c i r c?
To fill out the CIRC, companies must complete a standardized template provided by tax authorities, detailing income, profit, taxes paid, and other relevant indicators for each jurisdiction in which they operate.
What is the purpose of c i r c?
The purpose of CIRC is to provide tax authorities with a clear overview of the global allocation of income, taxes, and business activities of multinational enterprises to help combat tax avoidance and ensure compliance with tax laws.
What information must be reported on c i r c?
CIRC requires the reporting of information such as revenue, profit before tax, income tax paid, capital, accumulated earnings, number of employees, and tangible assets for each of the jurisdictions in which the MNE operates.
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