Tuesday, 28 February 2017

Luxembourg implements OECD country-by-country reporting obligations

On December 13, 2016, the Luxembourg Parliament passed legislation implementing country-by-country (CbC) reporting requirements for Luxembourg entities that are part of a Multinational Enterprise (MNE) Group. The new CbC reporting legislation transposes into Luxembourg law part of the three-tiered standardized approach to transfer pricing documentation introduced in Action 13 of the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project.

The Luxembourg CbC obligations require Luxembourg ultimate parent entities controlling an MNE group whose total consolidated group revenue (chiffre d’affaires total consolid√©) exceeds EUR 750 million to file CbC reports with the Luxembourg tax authorities. Other Luxembourg companies that are members of MNE groups also may have obligations to file CbC reports in Luxembourg. Both Luxembourg MNE group parents and other Luxembourg companies that are members of MNE groups also must comply with notification requirements that have deadlines that are potentially imminent.

Source & more info: PwC