The OECD has released further interpretative guidance to give greater certainty to tax administrations and multinational groups on the implementation and operation of country-by-country reporting.
The new guidance includes questions and answers on, among other things, the treatment of dividends received, the operation of local filing, the use of rounded amounts in Table 1 of an MNE Group's CbC report, and the information that must be provided with respect to the sources of data used.
The new guidance has been amalgamated into a master guidance document, which was released by the OECD on November 5, 2019.
In addition, a summary of common errors made by MNE Groups in preparing CbC reports has also been posted on the OECD website, which is intended to help MNE Groups in avoiding these errors and tax administrations in detecting them where they occur. This summary will be updated as further common errors are identified, the OECD said.