Australia: Draft legislation for public country-by-country (CbC) reporting
Draft legislation for public CbC reporting of certain tax information by multinational enterprises
Draft legislation for public CbC reporting of certain tax information by MNEs
The Treasury on 6 April 2023 released draft legislation for public country-by-country (CbC) reporting of certain tax information by multinational enterprises (MNEs).
The proposal was foreshadowed in Australia’s 2022-2023 federal budget which was released on 25 October 2022. Read TaxNewsFlash
Under the proposal, in-scope MNEs (which revolves around the definition of a CbC reporting parent) would be required to report certain tax information on a CbC basis and a statement on their approach to taxation.
A CbC reporting parent can be a foreign or domestic constitutional corporation, partnership, or trust, and must be a member of a CbC reporting group (i.e., a consolidated group with annual global income of $1 billion* or more).
The proposal would first apply for the 2023-2024 tax year.
Read an April 2023 report [PDF 215 KB] prepared by the KPMG member firm in Australia
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