Understanding where to start when it comes to country-by-country reporting. This post is by Caitlyn Richards, Senior Solutions Consultant, ONESOURCE Transfer Pricing.
For some time, the OECD’s Base Erosion and Profit Shifting (BEPS) guidelines have been a major topic of conversation for multinational enterprises (MNEs) and taxing authorities around the world. With numerous countries moving forward with BEPS related legislation—including the UK, Australia, Spain, Mexico and most recently, the Netherlands and China —BEPS is becoming less of a future happening and more of a here-and-now reality. For MNEs, this means understanding the more tangible aspects of BEPS and how to address them operationally, particularly when it comes to what sources of data should be used when providing information to taxing authorities and how data should be collected.
While it’s been well-covered that BEPS Action 13 is aimed at standardizing transfer pricing documentation through master file, local file, and country-by-country (CbC) reporting, many MNEs have lingering questions around what exactly the CbC report consists of and what sources of data should be used to complete it. After all, master and local file reporting have existed in many countries for some time, while CbC reporting is an entirely new concept. (more…)
“The common goal is to increase transparency, to level the playing field, to increase competition between players so that tax is not a black hole where you can make a lot of money and be at a competitive advantage compared to your competitors,” he says in the interview. “The second key principle is to realign the location of the profits with the location of the activities because locating all your profits in a tax haven where nothing is happening is nonsense and is not good for competition.”
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We recently released a list of popular New Year’s resolutions and their associated sales tax across the country. The list shows that more states are now taxing previously exempt services. Michigan, Maryland, Massachusetts, California, Nevada, Rhode Island and South Carolina top the list of the most tax-friendly states for New Year’s resolutions, as they don’t levy any sales tax on groceries, e-books or gym memberships.
The above map further outlines the breakdown for taxes on these popular resolutions in each state. You can see the full list here and some highlights below: (more…)
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