Today's updates brought two items to my inbox.
First, the OECD has published a draft model template for country-by-country reporting by multinational corporations. The goal is to require companies for the first time to provide tax authorities with details of how they allocate their income, taxes and business activities on a country-by-country basis.
The draft requires companies to list its “constituent entities” (i.e., subsidiaries and affiliates), effective place of management, and important business activities for each country in which it does business. It also requires a company to report on a country-by-country basis, its revenue, earnings before income tax, income tax paid on a cash basis to the country of organization and to all other countries, total withholding tax paid, stated capital and accumulated earnings, number of employees, total employee expense, and tangible assets other than cash and cash equivalents.
This is a pretty big deal if you ask me. I'll have more after I've been through the draft template.
But....
The second item in my inbox had this headline: "Don't expect tax reform this year."
*Sigh*
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