The IRS on June 29, 2016, issued final regulations (TD 9773) requiring annual country-by-country (CbC) reporting for US-parented multinational enterprise (MNE) groups. The information collection requirements in these regulations are to be satisfied by submitting a new reporting form, Form 8975, Country-by-Country Report, with the taxpayer’s income tax return. Form 8975 calls for information on a country-by-country basis related to the MNE group's income and taxes paid, together with several other data items. The final regulations apply to reporting periods of ‘ultimate parent entities’ of US MNE groups that begin on or after the first day of a taxable year of the ultimate parent entity that begins on or after June 30, 2016.
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