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Barbados Publishes Guidance Notes on CbC Reporting Regarding Currency Fluctuations, Appropriate Use, and Exchange Relationships — Orbitax Tax News & Alerts

The Barbados Revenue Authority has recently published guidance notes in regard to the country's new Country-by-Country (CbC) reporting requirements that apply for reporting fiscal years beginning on or after 1 January 2021.

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Guidance Notes

Impact of Currency Fluctuations on the agreed EUR 750 Million Filing Threshold

The Barbados Competent Authority in an effort to ensure the effective implementation of the Country-by-Country ("CbC") Reporting regime imposed under the Income Tax (Country-by-Country Reporting) Act, 2021-27 ("the Act") has developed guidance on the impact of currency fluctuations on the agreed EUR 750 million filing threshold.

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Guidelines On The Appropriate Use Of Information Contained In Country-by-country Reports

The Barbados Competent Authority ("the Authority") in an effort to ensure the effective implementation of the Country-by-Country ("CbC") Reporting regime imposed under the Income Tax (Country-by-Country Reporting) Act, 2021-27 ("the Act") has developed guidelines on the appropriate use of the information contained in the CbC Reports.

Barbados' exchange of CbC Reporting Information will be facilitated through the Multilateral Competent Authority Agreement on the Exchange of Country-by-County Reports ("CbC MCAA").

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Filing Country-by-Country Reporting Jurisdiction List of Exchange Relationships

The Income Tax (Country by Country Reporting) Act, 2021-27, was enacted on December 31, 2021 and is the domestic, legal, and administrative framework to impose and enforce country-by-country reporting requirements on in-scope multinational enterprises in Barbados. It allows Barbados to implement the BEPS Action 13, Country-by-Country Reporting.

This legislation signals Barbados' continued commitment, as a member of the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS), to implement the four minimum standards of the BEPS Project.

See a copy of the Act here.

Click here to download the Jurisdiction List for Exchange Relationships under the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports by clicking the PDF icon below.