Annual country-by-country reporting notification is removed
After the release of The Taxes (Base Erosion and Profit Shifting) (Country-by-Country Reporting) (Amendment) Regulations 2023, starting from 26th July 2023, UK entities are no longer required to submit annual notifications to HMRC, specifying the parent entity within a multinational... Read more
After the release of The Taxes (Base Erosion and Profit Shifting) (Country-by-Country Reporting) (Amendment) Regulations 2023, starting from 26th July 2023, UK entities are no longer required to submit annual notifications to HMRC, specifying the parent entity within a multinational enterprise (MNE) responsible for filing the CbC report.
HMRC has concluded that these notifications no longer offer value. Instead, the resources formerly assigned to handling these notifications will now be reallocated to addressing enquiries regarding country-by-country (CbC) reporting and improving the overall quality of CbC reporting data.
This change doesn’t affect the requirement for a UK tax strategy report to be published. For each financial year, the UK subsidiary of a Multi-National Enterprise (MNE) has to publish its own UK tax strategy if it’s not covered by a published strategy at a higher level as a part of a larger report.
If you need assistance in drafting the UK tax strategy report, please contact me or our tax partner Clair Dart.
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