UK extends country by country reporting obligation to partnerships

UK regulations requiring multinationals to provide HM Revenue & Customs with country-by-country reports of profits and taxes have been extended to a small number of partnerships and amended to reflect changes in an EU directive implementing an EU version of the OECD’s recommendations …

The UK remains a full member of the EU and will continue to apply EU legislation until the Brexit negotiations are concluded, HMRC noted. In a white paper published on March 30 the government said a “great repeal bill” will convert existing EU law into domestic law, which may be amended or repealed later. However, the government has pointed out in responses to parliamentary questions that it “initiated the international work on CbC reporting, calling on the OECD to develop CbC reporting to tax authorities as part of the base erosion and profit-shifting project.” Read more:

My news story for Tax Analysts, April 1 (paywall)