South Africa, Belgium, Jersey Extend CbC Reporting Deadlines
South Africa, Jersey, and Belgium are among a handful of territories that have recently announced an extension to the due date for country-by-country reports under the new frameworks being introduced under Action 13 of the OECD’s base erosion and profit shifting Action Plan.
The CbC report is one element of a new three-tier standardized approach to transfer pricing documentation proposed under Action 13 of the OECD’s BEPS project. Under the OECD framework, MNEs are required to provide aggregate information annually for each jurisdiction where they do business, relating to the global allocation of income and taxes paid, together with other indicators of the location of economic activity within the MNE Group, in the country-by-country report and a master and local file. Such documentation covers also information about which entities do business in a particular jurisdiction and the business activities each entity engages in.
The South African Revenue Service on December 1 announced that the deadline for fiscal years commencing before March 1, 2016, had been brought forward to February 28, 2018.
Meanwhile, Belgium has extended its end-of-year deadline for the filing of the three reports to March 31, 2018.
Jersey has extended its deadline by just one month, to January 31, 2018