Monday, 15 May 2017

Canada’s country-by-country legislation comes into force, CRA releases Form RC4649

The Canada Revenue Agency (CRA) on February 3 released the prescribed form for reporting country-by-country (CbC) information, Form RC4649, Country-by-Country Report.
Form RC4649 is consistent with the model CbC report templates included in the Organisation for Economic Cooperation and Development’s (OECD’s) October 5, 2015, final report, and requires the following information to be provided for each tax jurisdiction: revenues (unrelated and related), income, taxes paid and accrued, stated capital, accumulated earnings, number of employees, tangible assets, and certain information about each of the so-called “constituent entities,” including their primary activities.
The Form RC4649 instructions provide useful guidance to assist Canadian taxpayers to understand the CRA’s expectations regarding the CbC information to be reported, including definitions and detailed filing instructions.
The form was released shortly after the passage of final legislation to implement CbC reporting requirements for Canadian multinational enterprises (MNEs) in Canada’s House of Commons on December 15, 2016. These requirements are in line with the recommendations of the OECD, as outlined in the October 5, 2015, final report in respect of Action 13 of the Base Erosion and Profit Shifting Action Plan, Transfer Pricing Documentation and Countryby-Country Reporting.

Source & more info: Deloitte