Updated By: LatestGKGS Desk
The Central Board of Direct Taxes (CBDT), the apex direct taxes body has notified the final rules for maintaining and furnishing of transfer pricing document in the Master File and Country-by-Country Report (CbCR) on 1st November 2017.
CBDT said in a statement, the due date for filing the Country-by-Country report and furnishing the Master File for reportable accounting year 2016-17 has already been extended to 31 March 2018.
Similarly, the date of compliance for furnishing the master file for FY 2016-17 has been extended to 31 March 2018 as a one-time relief measure. Country-by-country reporting norms are in line with India’s commitment to implement OECD’s based erosion and profits sifting (BEPS) project.
BEPS refers to tax avoidance strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations.
The report will require MNCs to provide aggregate information annually, in each jurisdiction where they do business, relating to the global allocation of income and taxes paid together with other indications of the location of economic activity within the group.
The report will also cover information about which entities do business in a particular jurisdiction and the business activities each entity engages in.
The threshold for the country-by-country report is total consolidated group revenue of Rs 5, 5000 crore or more. The same for the master file is consolidated Group revenue exceeding Rs 500
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