Tuesday, 31 May 2016

South Africa issues draft country-by-country reporting standards

The South African Revenue Services (SARS) and Ministry of Finance on April 11, 2016, published draft regulations that specify country-by-country (CbC) reporting standards for multinational enterprises (MNEs). The draft release follows legislative advances in South Africa related to the OECD's Base Erosion and Profit Shifting (BEPS) initiative, specifically Action 13: Guidance on the Implementation of Transfer Pricing Documentation and Country-by-Country Reporting.

The regulations are effective for tax years beginning on or after January 1, 2016. The first CbC reports must be filed by December 31, 2017.

Source & more info: PwC