Short Report: The New Country by Country Reporting (CbCR) & Transfer Pricing Documentation Rules
This report stems from Alliott Group’s International Tax Services Group meeting in Sydney, Australia where international tax advisors from across the world engaged in a roundtable discussion on Action 13 of the Base Erosion and Profit Shifting (BEPS) Action Plan.
The report provides basic guidance on the CbCR and transfer pricing documentation recommendations, an update on the status quo in different countries and opinions from local tax practitioners.
Vanessa Williams, Partner at Alliott NZ in Auckland, pointed out that CbCR is currently not written into New Zealand’s laws, but that the country’s revenue minister will be putting a bill to Parliament in July 2018. However, she suggested that it is just a matter of time until CbCR comes into use in New Zealand.