Thursday, 23 March 2017

Canada issues reporting form, additional guidance on country-by-country reporting

The Canada Revenue Agency (CRA) has issued a reporting form and additional guidance for preparing country-by-country (CbC) reporting in Canada. These are found in:

  • RC4649 Country-by-Country Report 
  • RC4651 Guidance on Country-By-Country Reporting in Canada. 
The RC4649 form follows the CbC reporting format recommended by the Organisation for Economic Co-operation and Development (OECD) in its October 2015 base erosion and profit shifting (BEPS) report on Action 13, Transfer Pricing Documentation and Country-by-Country Reporting.

RC4651 provides further guidance to Canadian taxpayers affected by the CbC reporting obligations. While the guidance generally is consistent with the OECD’s recommendations, there are several differences from the OECD’s guidance.

Source & more info: PwC