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Sweden Submits CbC Reporting Bill to Legislative Council

by Ulrika Lomas, Tax-News.com, Brussels

27 October 2016


Proposals for the implementation of country-by-country transfer pricing reporting have been submitted to Sweden's Council on Legislation alongside a draft law to transpose the updated EU Directive on administrative cooperation.

According to an October 20 announcement by the Ministry of Finance, the legislation provides not only for the introduction of CbC reporting in Sweden, but also for the automatic exchange of CbC reports between the competent authorities of jurisdictions that have signed the OECD's Multilateral Competent Authority Agreement for the automatic exchange of CbC reports.

It is proposed that CbC reports be submitted by multinational corporations with sales exceeding SEK7bn (USD785m) and contain information on royalty income, earnings before income tax, number of employees, share capital, retained earnings, and tangible assets for each tax jurisdiction in which they are operating.

These requirements would cover foreign legal persons having a permanent establishment in Sweden as well as Swedish companies with permanent establishments abroad.

In addition, the Council on Legislation has received legislative proposals for the implementation of Directive 2011/16/EU, which was amended by Council Directive of December 8, 2015, to allow EU tax authorities to share information on cross-border tax rulings and advanced pricing agreements with the tax authorities of other member states.

Sweden's Council on Legislation is an advisory body consisting of current and former judges of the Supreme Court and Supreme Administrative Court. The Council's role is to decide whether or not legislative proposals conflict with Sweden's existing laws before they are submitted to parliament. While the Council's decisions are non-binding, they are usually followed by the Government and parliament.

It is proposed that the legislative proposals enter into force on April 1, 2017.

TAGS: Finance | tax | law | employees | agreements | legislation | transfer pricing | Sweden | mutual assistance agreement | BEPS

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