CbC reporting guidance from OECD updated

The OECD has released updated guidance on the Country-by-Country (CbC) reporting regime under BEPS Action 13 to give multinational groups and tax authorities more certainty around implementation and the appropriate use of the information obtained. The update clarifies that under the BEPS Action 13 minimum standard, the automatic exchange of CbC reports filed under local filing rules is not intended, as this could result in the exchange and cross-exchange of multiple reports on the same multinational group.

A summary of the CbC reporting notification requirements across different jurisdictions has been published.