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Ireland Extends CbC Reporting Deadline

by Jason Gorringe,, London

29 November 2017

The Irish tax authority has extended until February 28, 2017, the deadline for multinational corporations to submit their country-by-country (CbC) reports for fiscal years ending in 2016.

The deadline was extended due to the late availability of the CbC reporting filing facility. Announcing the extension on November 24, the tax authority said: "The first CbC reports are due to be filed by relevant taxpayers in Ireland by December 31, 2017. An electronic CbC reporting filing system has been developed by Revenue and the system includes a standard validation module that is being provided by the EU Commission. However, due to late changes to the CbC reporting schema, the final version of the validation module is not yet available."

"As a result, there will be a delay in Revenue making the CbC reporting filing system available. It is expected that the tested version of the validation module will be received in mid-December and integrated with the Revenue system shortly thereafter."

The tax authority said that the electronic CbC reporting notification filing facility continues to be operational. "Customers should ensure that they provide their notifications to Revenue, as required by the CbC reporting legislation, as soon as possible if they have not already done so. The filing of a notification is a prerequisite to enable the subsequent filing of reports," it said.

Ireland's CbC reporting filing obligations are contained in Section 891H of the Taxes Consolidation Act 1997 and the Taxes (Country-by-Country Reporting) Regulations 2016.

The tax authority said it will issue a further update when the required validation module is received.

TAGS: compliance | tax | investment | business | tax compliance | Ireland | tax avoidance | law | accounting | audit | tax authority | multinationals | legislation | tax planning | transfer pricing | tax reform | trade | Regulations | Tax | BEPS

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