Ireland’s Revenue Commissioners have extended the deadline by which the first country-by-country (CbC) reports must be filed by multinationals based in Ireland.
While the cut-off date was originally supposed to be the end of 2017, companies now have until 28 February this year, according to The Irish Times. Around 160 organisations are expected to file CbC reports in a move aimed at blocking global tax avoidance strategies. Most are expected to file as late as possible.
Under the new rules, organisations will be required to submit such information as profits, income tax paid and the number of employees they have. Revealing the profit margins they generate in different countries will also enable the authorities to establish whether profits are being minimised in some areas at the expense of others.
Questions will likewise be raised if companies report high profits in territories where they have few employees or vice versa.
Emma Woollacott is a freelance business journalist. Her work has appeared in a wide range of publications, including the Guardian, the Times, Forbes and the BBC.
Ireland’s Revenue Commissioners have extended the deadline by which the first country-by-country (CbC) reports must be filed by multinationals based in Ireland.
While the cut-off date was originally supposed to be the end of 2017, companies now have until 28 February this year, according to The Irish Times. Around 160 organisations are expected to file CbC reports in a move aimed at blocking global tax avoidance strategies. Most are expected to file as late as possible.
Under the new rules, organisations will be required to submit such information as profits, income tax paid and the number of employees they have. Revealing the profit margins they generate in different countries will also enable the authorities to establish whether profits are being minimised in some areas at the expense of others.
Questions will likewise be raised if companies report high profits in territories where they have few employees or vice versa.
Emma Woollacott is a freelance business journalist. Her work has appeared in a wide range of publications, including the Guardian, the Times, Forbes and the BBC.
