miércoles, 1 de febrero de 2017

Canada issues final legislation on country-by-country reporting

On December 15, 2016, the House of Commons of Canada passed Bill C-29, which provides the final legislation to implement country-by-country (CbC) reporting in Canada.

The final legislation formalizes the introduction of section 233.8 to Canada’s Income Tax Act (the Act), which sets out the requirements for CbC reporting. It also formalizes amended paragraph 162(10)(a) of the Act, which provides administrative penalties for gross negligence or failure to file the CbC reporting form.

The final legislation did not change from the draft legislative proposals released by Canada’s Department of Finance on July 29, 2016. It maintains the 750 million euro (EUR) consolidated revenue threshold recommended by the Organisation for Economic Co-operation and Development (OECD) and does not include a notification requirement identifying the entity responsible for filing the CbC report.

Source & more info: PwC

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