Wednesday, 11 January 2017

Irish Revenue releases updated guidance on country-by-country reporting

The Irish Revenue on October 13 released updated guidance on country-by-country (CbC) reporting, including a stepby-step guide on notification requirements.
Ireland has introduced CbC reporting legislation and regulations effective for accounting periods commencing on or after January 1, 2016.
Under the new provisions, an Irish-resident ultimate parent entity of a multinational group (broadly, one with annual consolidated revenue in excess of EUR 750 million in the immediately preceding accounting period) will be required to file a CbC report with Irish Revenue. The Irish legislative provisions provide for a secondary filing mechanism whereby a multinational group can designate an Irish-resident constituent entity of the group to act as a “surrogate parent” entity and file a CbC report with Irish Revenue on the group’s behalf. If it is not possible for the ultimate parent entity or a surrogate parent entity to file a CbC report, there is a requirement for a local country filing with Irish Revenue –
known as an “equivalent CbC report.”
The updated guidance includes details on notification requirements for CbC reporting purposes. The guidance outlines which entities must notify Irish Revenue. Notification must be made via the Revenue Online Service (ROS), and Appendix III of the guide provides detailed, step-by-step instructions on notification. Notification is required on an annual basis, with the first notification requirement due by December 31, 2016, for accounting periods ending on that
Source & more info: Deloitte