{"id":815,"date":"2018-10-28T06:03:51","date_gmt":"2018-10-27T22:03:51","guid":{"rendered":"http:\/\/ehluar.com\/main\/?p=815"},"modified":"2018-10-31T07:12:02","modified_gmt":"2018-10-30T23:12:02","slug":"recent-update-on-the-exchange-of-cbc-report","status":"publish","type":"post","link":"http:\/\/ehluar.com\/main\/2018\/10\/28\/recent-update-on-the-exchange-of-cbc-report\/","title":{"rendered":"Recent update on the exchange of CbC report"},"content":{"rendered":"<p><span style=\"color: #000000;\"><strong>Introduction<\/strong><\/span><\/p>\n<p><span style=\"color: #000000;\">Singapore implement Country-by-Country Reporting (CbCR) under the Base Erosion and Profit Shifting (BEPS) Project for Singapore Multinational Enterprises (MNEs) groups from financial year (FY) beginning on or after 1 January 2017 that meet certain conditions to prepare and file Country-by-Country (CbC) Reports to Inland Revenue Authority of Singapore (IRAS).<\/span><\/p>\n<p><span style=\"color: #000000;\">Some jurisdictions would be implementing CbCR for FY beginning on or after 1 January 2016. In which case, affected Singapore MNEs may file a CbC Report for FY 2016 to IRAS on a voluntary basis.<\/span><\/p>\n<p><span style=\"color: #000000;\">CbCR will be supplementary information to the group and local entity level documentation required to be maintained as per the IRAS&#8217;s Transfer Pricing Guidelines.<\/span><\/p>\n<p><span style=\"color: #000000;\"><strong>CbC Reports<\/strong><\/span><\/p>\n<p><span style=\"color: #000000;\">On 26 October 2018, the Income Tax (International Tax Compliance Agreements) (Multilateral Competent Authority Agreement on the Exchange of Country-By-Country Reports) Order 2018 was published in the Singapore Government Gazette.<\/span><\/p>\n<p><span style=\"color: #000000;\">The First and Second Schedules of the Order 2018 list the 42 countries in which the IRAS will exchange CbC reports with.<\/span><\/p>\n<p class=\"hP\"><span style=\"color: #000000;\">The Third Schedule adds 11 more countries to the Multilateral Competent Authority Agreement on the Exchange of Country-By-Country Reports of which Singapore has an agreement with that are effective from 30 March 2018:<\/span><\/p>\n<ul class=\"none\">\n<li class=\"hP none\"><span style=\"color: #000000;\">Cayman Islands<\/span><\/li>\n<li class=\"hP none\"><span style=\"color: #000000;\">Hungary<\/span><\/li>\n<li class=\"hP none\"><span style=\"color: #000000;\">Iceland<\/span><\/li>\n<li class=\"hP none\"><span style=\"color: #000000;\">Isle of Man<\/span><\/li>\n<li class=\"hP none\"><span style=\"color: #000000;\">Liechtenstein<\/span><\/li>\n<li class=\"hP none\"><span style=\"color: #000000;\">Mauritius<\/span><\/li>\n<li class=\"hP none\"><span style=\"color: #000000;\">Pakistan<\/span><\/li>\n<li class=\"hP none\"><span style=\"color: #000000;\">Romania<\/span><\/li>\n<li class=\"hP none\"><span style=\"color: #000000;\">Russian Federation<\/span><\/li>\n<li class=\"hP none\"><span style=\"color: #000000;\">Switzerland <\/span><\/li>\n<li class=\"hP none\"><span style=\"color: #000000;\">Uruguay<\/span><\/li>\n<\/ul>\n<p class=\"hP\"><span style=\"color: #000000;\">2 more countries were added in Fourth Schedule and effective from 26 July 2018:<\/span><\/p>\n<ul class=\"none\">\n<li class=\"hP none\"><span style=\"color: #000000;\">Costa Rica<\/span><\/li>\n<li class=\"hP none\"><span style=\"color: #000000;\">Malaysia<\/span><\/li>\n<\/ul>\n<p class=\"hP\"><span style=\"color: #000000;\">Source: <i>Government Gazette, Electronic Edition<\/i>, 28 October 2018<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Introduction Singapore implement Country-by-Country Reporting (CbCR) under the Base Erosion and Profit Shifting (BEPS) Project for Singapore Multinational Enterprises (MNEs) groups from financial year (FY) beginning on or after 1 January 2017 that meet certain conditions to prepare and file Country-by-Country (CbC) Reports to Inland Revenue Authority of Singapore (IRAS). Some jurisdictions would be implementing [&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-815","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\/815","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=815"}],"version-history":[{"count":4,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/815\/revisions"}],"predecessor-version":[{"id":821,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/815\/revisions\/821"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=815"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}