OECD has updated guidelines for several aspects of Country-by-Country (CbC) reporting, including:
- Dividends included in pre-tax book income
- Definition of revenues and taxes paid
- Aggregate data in one jurisdiction/eliminations
- Accumulated earnings/loss
- Treatment of major shareholdings / ownership by multiple groups
- Short accounting periods
- Parent surrogate filing
As the 2017 CbC report is almost due for US calendar-year taxpayers, it is imperative to review the OECD guidelines to ensure year-to-year consistency, with relevant statements attached for transparency.
A link to the guidelines is attached for reference.