The Taxes (Base Erosion and Profit Shifting) (Country-by-Country Reporting) Regulations 2016

Interpretation

2.—(1) In these Regulations—

“CBC report” means a country-by-country report or a United Kingdom country-by-country report;

“the Commissioners” means the Commissioners for Her Majesty’s Revenue and Customs;

“country-by-country report” means a report about an MNE Group and its Constituent Entities containing the information specified in specific or general directions given by the Commissioners;

“exchange arrangements” means arrangements to exchange country-by-country reports or their equivalent;

“file”, except in relation to filing outside the United Kingdom, means file with Revenue and Customs;

“filing deadline” means 12 months after the end of the accounting period to which the CBC report relates;

“OECD model legislation” means the model legislation in the OECD Transfer Pricing Documentation and Country-by-Country Reporting, Action 13 – 2015 Final Report(1);

“reporting entity” has the meaning given by regulation 10;

“threshold requirement” has the meaning given by regulation 4;

“the tribunal” means the First-tier Tribunal or, where determined by or under Tribunal Procedure Rules, the Upper Tribunal;

“United Kingdom country-by-country report” has the meaning given by regulation 5; and

“United Kingdom Entity” has the meaning given by regulation 5.

(2) The following expressions have the same meaning in these Regulations as they do in the OECD model legislation—

“Consolidated Financial Statements” if they are prepared in accordance with generally accepted accounting practice or international accounting standards, which expressions have the meaning given to them in section 1127 of the Corporation Tax Act 2010; and

“Constituent Entity”.

(3) “MNE Group” has the same meaning in these Regulations as it does in Article 1(2) of the OECD model legislation except that Article 1(2)(ii) (Excluded MNE Group) does not apply.

(4) “Ultimate Parent Entity” has the same meaning as it does in the OECD model legislation except that in regulations 3(3) and 10(1)(a) the entity must be resident in the United Kingdom for tax purposes.

(1)

As part of the OECD/G20 Base Erosion and Profit Shifting Project, the OECD published “Transfer Pricing Documentation and Country-by-Country Reporting, Action 13 – 2015 Final Report” on 5th October 2015. The report is available on the OECD website at http://www.oecd.org/tax/transfer-pricing-documentation-and-country-by-country-reporting-action-13-2015-final-report-9789264241480-en.htm. A paper copy may be obtained from a range of distributors including the OECD Conference Centre Bookshop OECD Conference Centre, 2 rue André Pascal, 75775 Paris Cedex 16, France, Tel: [phone], Email: [e-mail].