Preparing for CbC Reporting: The Time to Act is Now
As I’ve noted in prior posts, the OECD’s CbC template is a "game-changer" for both taxpayers and tax authorities ushering in an unprecedented level of transparency. I've talked about how the template will pose major data-gathering challenges for multinational enterprises (MNEs). MNE's must also realize that the submission and subsequent sharing of the template to a wide audience of tax jurisdictions is expected to create a surge in global tax examinations. Tax departments should avoid the natural tendency to “back-burner” these new reporting requirements. The time to act is now.