OECD recommends extension of time to comply with country-by-country notification requirements

Tax Hot TopicsOn Dec. 5, the Organisation for Economic Co-operation and Development (OECD) released guidance recommending that countries provide “flexibility” and “transitional relief” for multinationals facing practical difficulties when complying with various jurisdictional country-by-country reporting (CbCR) notification requirements.   

The OECD and G20 countries have committed to implementing CbCR, as set forth in the OECD’s base erosion and profit shifting (BEPS) Action 13 report, “Transfer Pricing Documentation and Country-by-Country Reporting.” However, because many countries are still in the process of implementing CbCR, the OECD guidance recommends transitional relief. While countries are not obligated to follow the guidance, the OECD’s decision is welcome news for multinationals.

For more information, see Grant Thornton’s recent Tax Flash.

Contacts David Sites
Partner, Washington National Tax Office
+1 202 861 4104

Cory Perry
Experienced Manager, Washington National Tax Office
+1 202 521 1509

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