Wednesday, 19 April 2017

Italy issues dates for implementation of country-by-country reporting

In its Decree of February 23, 2017 (the Decree), the Italian Ministry of Economy and Finance implemented EU Directive 2016/881 dated May 25, 2016 (the EU Directive), setting out the procedures to be applied in meeting country-by-country (CbC) reporting requirements in Italy and establishing January 1, 2016 as the relevant date for its application.

The Decree renders operative the provisions of the 2015 Finance Act, which implemented the original proposals on CbC reporting.  The underlying law was discussed in Tax Insight dated January 11, 2016 entitled Italy introduces legislation to implement country-by-country reporting. Further guidance on CbC report compilation and on linguistic arrangements is still to be issued by the Italian Revenue Agency in the form of a Regulation.

Source & more info: PwC