INTERNATIONAL TAX PLAZA - The Irish Revenue releases a Tax and Duty Manual on Country-by-Country Reporting

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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