Country by Country Reporting
Welcome to Parker Russell Obaid Auditing, your trusted partner in navigating the complexities of Country by Country Reporting (CbCR). This page outlines the significance of CbCR, a crucial element of Action 13 within the Base Erosion and Profit Shifting (BEPS) initiative led by the Organization for Economic Co-operation and Development (OECD) and the Group of Twenty (G20) industrialized nations.
Understanding Country by Country Reporting (CbCR):
CbCR is an integral part of BEPS Action 13, targeting large Multinational Groups of Entities (MNE Groups). These groups are required to file a CbC report, providing a detailed breakdown of the Multinational Group’s global revenue, profit before tax, income tax accrued, and other indicators of economic activities for each jurisdiction in which the MNE operates.
Purpose of CbCR:
The primary goal of Country by Country Reporting is to bridge the information gap between taxpayers and tax administrations. The report sheds light on where economic value is generated within the MNE Group, ensuring alignment with the allocation of profits and tax payments on a global scale.
Key Aspects of CbCR:
- Global Financial Overview: CbCR provides a comprehensive overview of the Multinational Group’s global revenue, profit, and income tax across various jurisdictions.
- Economic Activity Indicators: The report includes indicators of economic activities, offering insights into the operational landscape of the MNE Group.
- Enhanced Transparency: CbCR enhances transparency by providing tax administrations with detailed information about the MNE Group’s global operations.
CbCR Requirements in the UAE:
In the United Arab Emirates, CbCR requirements apply to UAE-headquartered MNE Groups with reporting fiscal years commencing on or after 1 January 2019.
Ready to Navigate CbCR?
Navigate the intricacies of Country by Country Reporting with confidence. Contact Parker Russell Obaid Auditing today to explore how our expertise can streamline your CbCR process.
How Parker Russell Can Assist:
At Parker Russell Obaid Auditing, we specialize in guiding MNE Groups through the intricacies of Country by Country Reporting.
Our services include:
- CbC Report Preparation: Assist in the meticulous preparation of the CbC report, ensuring compliance with international standards.
- Regulatory Compliance: Ensure that your MNE Group meets all CbCR requirements in the UAE, providing peace of mind in a complex regulatory landscape.
- Strategic Advisory: Receive strategic advisory services to optimize your reporting process and enhance transparency.
What our Clients say?
Over the past 3 years, Parker Russell UAE has provided an excellent audit service for our company Hisense Middle East FZE. Their staffs are very knowledgeable, professional and experienced so we get quality work at a reasonable cost. The audits were performed in a timely and extremely professional manner. Having a quality audit firm like Parker Russell UAE as our auditors ensures that our company is on the path of success
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Navigate the intricacies of Country by Country Reporting with confidence. Contact Parker Russell Obaid Auditing today to explore how our expertise can streamline your CbCR process.
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