On May 4, 2018 the Irish Revenue issued Revenue eBrief No. 82/18 to announce that it created a new Tax and Duty Manual on Country-by-Country Reporting (PART 38-03-21). According to the Irish Revenue the manual has been created to address some frequently asked questions on the interpretation of legislation and regulations which implement Country-by-Country Reporting in Ireland.
The Irish Rvenue furthermore states that the manual replaces the document "Country-by-Country Reporting - some Frequently Asked Questions (FAQs)" which was previously available on the website of the Irish Revenue.
The manual discusses a.o. the following questions and subjects:
· What is CbC Reporting and who does it apply to?
· What is the OECD/G20 guidance on CbC Reporting?
· What is the Irish legislation governing CbC Reporting?
· Can the OECD guidance on CbC Reporting be used to interpret the Irish CbC Reporting Legislation?
· How should terms contained in the Irish CbC Reporting Legislation and this manual be interpreted?
· When did the CbC Reporting requirements come into effect in Ireland?
· Who is required to file a CbC Report in Ireland?
· When can a surrogate parent be appointed?
· What are the obligations of an Irish tax resident constituent entity which has been appointed as a surrogate parent entity?
· What information should a CbC Report contain?
· What is the secondary reporting mechanism?
· When does the secondary reporting mechanism apply in Ireland?
· What are the requirements under the secondary reporting mechanism in Ireland?
· What is an “Equivalent CbC Report” and what information should it contain?
· Will the secondary reporting mechanism apply if an ultimate parent entity of an MNE Group files a CbC Report on a voluntary basis in its country of residence in respect of the 2016 fiscal year?
· What is an EU designated entity and what are its obligations?
· Is there any specific guidance on how to complete the CbC Report / Equivalent CbC Report?
· What sources of data should be used to complete the CbC Report / Equivalent CbC Report?
· Will Revenue seek to reconcile the CbC Report / Equivalent CbC Report to the consolidated accounts of an MNE Group?
· How should the CbC Reporting rules be applied to investment funds?
· How should the CbC Report / Equivalent CbC Report be filed?
· The XML Schema User Guide states that a tax administration may issue guidance for the domestic reporting of CbC Reports. Is there any Irish Revenue guidance that should be followed for any elements within the CbC XML Schema?
· Are there any character restrictions or combination of characters which should not be included in a CbC Report / Equivalent CbC Report?
· Is it possible to amend or delete a CbC Report / Equivalent CbC Report after it has been submitted?
· What character encoding should I use when compiling my CbC XML file?
· When must a CbC Report / Equivalent CbC Report be filed with Revenue?
· Short/long accounting periods
· What happens if the ultimate parent entity of an MNE Group changes during a fiscal year?
· What penalties apply for the non-filing of a CbC Report / Equivalent CbC Report or when the CbC Report / Equivalent CbC Report is incorrect or incomplete?
· What notifications are required for CbC Reporting purposes in Ireland?
· What is the deadline for making CbC Reporting notifications to Revenue?
· How should CbC Reporting notifications be made to Revenue?
· Is it possible to amend, replace or delete a CbC Reporting notification after it has been submitted?
· How will Revenue obtain CbC Reports for Irish subsidiaries / permanent establishments of an MNE Group where the reporting entity is not tax resident in Ireland?
· Will Revenue exchange CbC Reports filed in Ireland with other tax authorities?
· What conditions must be satisfied before Revenue automatically exchanges CbC Reports with other tax jurisdictions?
· Will Equivalent CbC Reports be exchanged with other tax authorities?
· How will Revenue safeguard the confidentiality of information provided on CbC Reports / Equivalent CbC Reports?
· What will the information provided on a CbC Report / Equivalent CbC Report be used for?
· Who can I contact if I have a query relating to CbC Reporting?
Click here to be forwarded to the Tax and Duty Manual on Country-by-Country Reporting (PART 38-03-21) as available on the website of the Irish Revenue.
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