{"id":657,"date":"2018-07-31T09:25:26","date_gmt":"2018-07-31T01:25:26","guid":{"rendered":"http:\/\/ehluar.com\/main\/?p=657"},"modified":"2018-08-01T10:22:52","modified_gmt":"2018-08-01T02:22:52","slug":"filing-country-by-country-reporting-cbcr-for-fy-2017","status":"publish","type":"post","link":"http:\/\/ehluar.com\/main\/2018\/07\/31\/filing-country-by-country-reporting-cbcr-for-fy-2017\/","title":{"rendered":"Filing Country-by-Country Reporting (CbCR) for FY 2017"},"content":{"rendered":"<div class=\"teaser\">\n<p><span style=\"color: #000000;\">Country-by-Country Reporting (CbCR) is a form of reporting by multinational enterprises (MNEs) initiated by the Organisation for Economic Co-operation and Development (OECD) in the Base Erosion and Profit Shifting (BEPS) Action 13 Report.\u00a0 Some jurisdictions would be implementing CbCR for Financial Year (FY) beginning on or after 1 January 2016. To address the transition issue arising from this, affected Singapore-headquartered MNEs may file a CbC Report for FY beginning on or after 1 Jan 2016 to IRAS on a voluntary basis, i.e. Voluntary Filing. <\/span><\/p>\n<p><span style=\"color: #000000;\">Singapore is implementing CbCR for Singapore MNE groups from FY 2017 onwards. CbCR is required for an MNC group in relation to a financial year (the first such year being FY 2017), where:<\/span><\/p>\n<p><span style=\"color: #000000;\">(a)\u00a0 The MNE group is a Singapore MNE group;<\/span><br \/>\n<span style=\"color: #000000;\">(b)\u00a0 The consolidated group revenue in the preceding financial year is at least S$1,125 million; and<\/span><br \/>\n<span style=\"color: #000000;\">(c)\u00a0 The MNE group has subsidiaries or operations in at least one foreign jurisdiction.<\/span><\/p>\n<p><span style=\"color: #000000;\">FY 2017 refers to financial years beginning on or after 1 January 2017 but before 1 January 2018.\u00a0<\/span><\/p>\n<p><span style=\"color: #000000;\">A CbC Report of the MNE group will include information on the group\u2019s global allocation of the income and taxes paid in different\u00a0jurisdictions and other financial data.\u00a0CbC Reports submitted to IRAS will be provided to tax authorities of\u00a0jurisdictions with which Singapore has qualifying competent authority agreements for the automatic exchange of CbCR information. CbC Reports may be used by Singapore and other tax authorities in evaluating transfer pricing risks and other BEPS related risks.<\/span><\/p>\n<\/div>\n<p class=\"hP\"><span style=\"color: #000000;\">On 11 July 2018, the Inland Revenue Authority of Singapore (IRAS) has updated their content on the Second Edition of e-Tax Guide &#8211; Country-by-Country-Reporting (CbCR) on filing for financial years beginning on or after 1 January 2017: <\/span><\/p>\n<div class=\"txt-block-slide\">\n<ul>\n<li><span style=\"color: #000000;\">IRAS has sent letters to Reporting Entities notifying them of their obligation to file a CbC Report for FY 2017. <\/span><\/li>\n<li><span style=\"color: #000000;\">If the reporting entities do not received IRAS\u2019 letter by 31 July 2018, they must contact IRAS immediately by email (to <strong>ct_transfer_pricing@iras.gov.sg<\/strong>).<\/span><\/li>\n<li><span style=\"color: #000000;\">Reporting Entities must provide IRAS with the following information at least 3 months before the filing deadline by email:\u00a0<\/span>\n<ul>\n<li><span style=\"color: #000000;\">Name and UEN of the UPE (i.e. Reporting Entity);<\/span><\/li>\n<li><span style=\"color: #000000;\">Financial reporting period of the UPE (DD\/MM\/YYYY to DD\/MM\/YYYY);\u00a0<\/span><\/li>\n<li><span style=\"color: #000000;\">Contact person\u2019s name and contact number;<\/span><\/li>\n<li><span style=\"color: #000000;\">Email of contact person (if different from that used to provide your reply).<\/span><\/li>\n<\/ul>\n<\/li>\n<li><span style=\"color: #000000;\">Reporting entities must submit their FY 2017 XML CbC reports via email  with the following details:<\/span>\n<ul>\n<li><span style=\"color: #000000;\">Name of the UPE (i.e. Reporting Entity);\u00a0<\/span><\/li>\n<li><span style=\"color: #000000;\">Financial reporting period (DD\/MM\/YYYY to DD\/MM\/YYYY);<\/span><\/li>\n<li><span style=\"color: #000000;\">If applicable, a letter of authority for a third party (e.g. a tax agent) to file on their behalf, if the third party is different from the one they have authorised via EASY.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><span style=\"color: #000000;\">The XML CbC report must be zipped and password-protected, with the Reporting Entity&#8217;s name as the name of the file (e.g. ABC Ltd.zip). After emailed the CbC report, they must call IRAS at 6351 2609 (Mondays to Fridays, 8 am to 5 pm) to provide IRAS the password to open the report.<\/span><\/li>\n<\/ul>\n<\/div>\n<p class=\"hP\"><span style=\"color: #000000;\">Source: <i>IRAS<\/i>, 31 July 2018<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Country-by-Country Reporting (CbCR) is a form of reporting by multinational enterprises (MNEs) initiated by the Organisation for Economic Co-operation and Development (OECD) in the Base Erosion and Profit Shifting (BEPS) Action 13 Report.\u00a0 Some jurisdictions would be implementing CbCR for Financial Year (FY) beginning on or after 1 January 2016. To address the transition issue [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,6],"tags":[],"class_list":["post-657","post","type-post","status-publish","format-standard","hentry","category-incometax","category-techupdates"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/657","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/comments?post=657"}],"version-history":[{"count":1,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/657\/revisions"}],"predecessor-version":[{"id":658,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/657\/revisions\/658"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=657"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}