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BUYER\'S CREDIT APPLICATION AND OPEN ACCOUNT AGREEMENT Office Use Only:For the purpose of establishing open account privileges, the undersigned furnishes the following information to South Central,
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CB VFL stands for Country-by-Country Reporting (CbC) Voluntary Filing List. It is a requirement under the OECD's BEPS action plan aimed at increasing transparency in multinational enterprises' financial dealings.
Multinational enterprises with annual consolidated revenues exceeding a specified threshold are required to file the CB VFL, typically with the tax authority of their parent company's jurisdiction.
To fill out the CB VFL, entities must collect and compile relevant financial and operational information from the various jurisdictions they operate in and complete the form according to the guidelines set by their country's tax authority.
The purpose of the CB VFL is to provide tax authorities with better insights into the global activities, revenues, profits, and taxes of multinational companies, which can assist them in combatting tax avoidance and ensuring fair tax practices.
Reported information includes details on revenue, profit or loss before tax, income tax paid, stated capital, accumulated earnings, number of employees, and the business activities in each jurisdiction.
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