martes, 19 de abril de 2016

List of countries implementing BEPS' Action 13

Action 13 presents a three-step approach to transfer pricing compliance:
  • A Master file (MF) containing information for the whole multinational enterprise (MNE) group,
  • A Local file (LF) that provides specifics and transactions of the local taxpayer, and
  • Country-by-Country (CbC) reporting which provides details on taxes, financials, employees, and related party transactions on an entity-by-entity basis for the MNE to be used by taxing authorities for risk assessment.
The list is growing on a weekly basis as adoption of Action 13 continues to gain momentum.
Countries that Implemented Action 13
Country
Reporting Requirements
Effective Date
Additional Information
AustraliaMF
LF
CbC Report
1/1/2016
  • A CbC Report is required for Australian entities or consolidated groups and foreign entities with a permanent establishment in Australia, that have annual global revenue in excess of Australian dollars (AUD) 1 billion.
  • The current maximum penalty for non-compliance (i.e., failure to file a CbC Report) is AUD 5,400, but recently a bill was proposed to increase the maximum penalty to AUD 270,000.
  • Exemptions are available for the CbC Report at the Australian Taxation Office's discretion and will only be granted in limited circumstances.
  • If the foreign parent company is not required to provide the CbC Report and/or the MF in its local jurisdiction, the ATO may grant exemptions for MF for the first year.
BrazilCbC Report1/1/2015
  • Similar to the OECD's CbC Report, Brazil requires companies to disclose profits, including profits of all foreign subsidiaries, for tax purposes by country.
DenmarkMF
LF
CbC Report
1/1/2016
  • A MNE with total group revenue of DKK 5.6 billion (USD $839 million or €750 million) is required to file a CbC Report.
  • A Danish entity of a small MNE would be exempt from MF and LF if the MNE has: 1) Less than 250 full-time employees and 2) Group revenue under DKK 250 million (€33,600).
  • Penalties for noncompliance with CbC Report requirements include a base penalty of DKK 250,000 (€35,000) per year, which is reduced to DKK 125,000 if prepared afterwards, and if an upward income adjustment is issued, the penalty may be increased by 10%.
FranceCbC Report1/1/2016
  • A CbC Report is required for companies that: 1) Create and maintain consolidated accounts; 2) Belong to a group with a consolidated turnover in excess of €750 million; and 3) Have foreign branches or hold or control, directly or indirectly, foreign entities.
  • The maximum penalty for noncompliance with CbC Report requirements is €100,000.
IrelandCbC Report1/1/2016
  • A CbC Report is required for MNEs with an Irish parent, if group consolidated turnover exceeds €750 million.
  • There are penalties for noncompliance with CbC Report requirements.
ItalyCbC Report1/1/2016
  • CbC Report is required for MNEs that: 1) Are required to file a group consolidated financial statement, 2) Have a consolidated group turnover for the year prior to the CbC Report of at least €750 million; and 3) Are not controlled by any other entity (other than individual persons).
  • The maximum penalty for noncompliance with CbC Report requirements is €50,000.
South KoreaMF
LF
1/1/2016
  • MF and LF are required for all domestic corporations and foreign corporations with permanent establishments in South Korea that have: 1) Sales revenue in excess of KRW 100 billion (USD $85 million) and 2) Cross-border related-party transactions exceeding KRW 50 billion (USD $42.5 million) per year.
  • Korea intends to implement CbC Report requirements in the near future.
MexicoMF
LF
CbC Report
1/1/2016
  • A CbC Report is required for MNEs with a Mexican parent if group consolidated turnover is equal to or exceeds MXN 12,000 million (USD $720 million).
  • Penalties for noncompliance with CbC Report, MF, and LF requirements will range between MXN 140,540 to MXN 200,090.
NetherlandsMF
LF
CbC Report
1/1/2016
  • A CbC Report is required for MNEs with a Dutch parent whose group consolidated turnover exceeds €750 million.
  • MF and LF are required for Dutch entities that are part of a MNE with turnover exceeding €50 million.
  • Penalties will be imposed in instances of intentional noncompliance or “serious misconduct” with a CbC Report, with a potential maximum penalty in the amount of €20,250, in addition to possible criminal prosecution.
PolandMF
LF
CbC Report
1/1/2016
  • A CbC Report is required for MNEs with a Polish parent whose consolidated group turnover exceeds €750 million.
  • MF is required for entities with revenues exceeding €20 million.
SpainMFM
LF
CbC Report
1/1/2016
  • CbC Report is required for MNEs with a Spanish parent whose group consolidated turnover exceeds €750 million.
  • MF and LF are required for entities with revenues exceeding €45 million.
  • A "simplified" LF is allowed to taxpayers with aggregate group turnover that does not exceed €45 million.
United KingdomCbC Report1/1/2016
  • A CbC Report is required for MNEs with a U.K. parent whose group consolidated turnover exceeds €750 million.
  • Currently, the UK is not requiring MF or LF requirements, but it is still incorporating revisions to the OECD Transfer Pricing Guidelines published in October 2015.
  • Penalties for noncompliance with a CbC Report will range from £300 to £3,000 with daily penalties for continued failure to provide information.

Source: CBIZ

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