The requirements for filing a CbC Return, which includes a CbC Report, only apply to a MNE Group whose annual consolidated group revenue reaches the specified threshold amount, i.e. 6) Ordinance 2018, which commenced operation on 13 July 2018, put in place a legislative framework for Hong Kong to implement the CbC reporting. The Bill was published in the Gazette on 29 December 2017 and was passed by the Legislative Council on 4 July 2018. The implementation framework for CbC reporting in the Hong Kong Special Administrative Region (Hong Kong) is provided under the Inland Revenue (Amendment) (No. The Report also requires a listing of all the constituent entities for which financial information is reported, including the jurisdiction of incorporation of each of the constituent entities (if different from the tax jurisdiction of residence) and the main business activities carried out by that entity.ĬbC Reports are to be exchanged automatically between tax administrations under relevant exchange arrangements. The CbC Report requires aggregate tax jurisdiction-wide information relating to the global allocation of the income, the taxes paid, and certain indicators of the location of economic activity among tax jurisdictions in which the MNE Group operates. the group has constituent entities or operations in two or more jurisdictions.the consolidated group revenue for the preceding accounting period is at least EUR750 million (or HK$6.8 billion) and.Under this standard, a multinational enterprise group (MNE Group) is required to file a CbC Report in relation to an accounting period where: Materials on Country-by-Country ReportingĬountry-by-Country (CbC) Reporting is a minimum standard formulated by the Organisation for Economic Co-operation and Development (OECD) under Action 13 of the Base Erosion and Profit Shifting (BEPS) Package.
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