rocket
Orbitax subscribers can now easily follow the latest COVID-19-related tax measures being implemented worldwide. New to Orbitax? Create a free account to access your dashboard and latest tax news.
News Share

The Tax Hub

Daily Tax Newsletter

Guernsey

Responsive image

Guernsey Publishes Bulletin on CbC Reporting

The Government of Guernsey has published Bulletin 2019/4 of 31 December 2019 on Country-by-Country reporting.

---

This Bulletin is issued under the provisions of Regulation 10 of The Income Tax (Approved International Agreements) (Implementation) (Country by Country Reporting) Regulations, 2016 ("the CbCR Regulations")

The provisions of the CbCR Regulations require each Ultimate Parent Entity of a Multinational Enterprise Group (MNE Group) that is resident for tax purposes in Guernsey to file a Country by County (CbC) report with the Director in accordance with The Income Tax (Approved International Agreements) (Implementation) (Country by Country Reporting) Regulations, 2016 ("the regulations") using the Information Gateway Online Reporter system ("IGOR").

A MNE Group may, under certain conditions, designate a different Constituent Entity within the MNE Group to be the Reporting Entity (making that entity a "Surrogate Parent Entity"), in which case the reporting obligations under the regulations apply to that Surrogate Parent Entity.

The reporting deadline for the CbC report is in accordance with the regulations and is no later than 12 months after the last day of the Reporting Fiscal Year of the MNE Group and applies to a Reporting Entity that is resident for tax purposes in Guernsey, in respect of its Fiscal Years commencing on or after 1 January 2016. As such, the reporting deadline is determined by the fiscal year end accounting date of the Reporting Entity and will vary based upon this.

There are a number of jurisdictions, that have committed to CbC Reporting, however, they do not currently have a relevant Competent Authority Agreement in effect with Guernsey in order to set out the framework of reporting. The current list of jurisdictions that do have a relevant Competent Authority Agreement in effect can be found on the OECD BEPS website.

Details and guidance providing a summary of the practical requirements of the notifications and reporting required under Country by Country reporting can be found on the following web pages:

Country by Country Reporting: Reporting Practicalities: Guernsey Guidance v.1. https://gov.gg/cbcr

Country-by-Country Reporting XML Schema: User Guide for Tax Administrations. http://www.oecd.org/tax/country-by-country-reporting-xml-schema-user-guide-for-taxadministrations-and-taxpayers.htm

Should you have any questions concerning the above please refer them to: eoi@gov.gg

Powerful Tax Tools

NEW

FX Rates

Global FX Rates including Tax Year Average FX Rates and Spot Rates for all Reporting Currencies.

NEW

Corporate Tax Rates

Corporate tax rates, surtaxes, and effective tax rates for the current year, as well as historical rates and approved future rates.

NEW

Country Analysis

Detailed tax guidance for companies doing business in over 100 countries, including summaries and snapshots of key tax facts and issues.

NEW

Cross Border Tax Calculator

Calculate total tax costs and benefits of a cross border transaction including withholding tax, participation exemption and foreign tax credit rules.

NEW

Cross Border Tax Rates

Provides Domestic, treaty and EU cross border tax rates for over 5,000 country combinations for 9 different payment streams.

NEW

OECD BEPS Project

Complete overview of the OECD BEPS Project, including daily BEPS news, country adoption of BEPS measures, and an overview of the 15 BEPS Actions.

NEW

Tax Calendar

Customizable calendar tool that tracks corporate income tax, value added tax and transfer pricing obligations by country or entity.

NEW

Tax Forms

English translations of key tax forms for over 80 countries, including tax return forms, treaty benefit forms, withholding tax forms, and more.

NEW

Worldwide Tax Treaties

Repository including thousands of tax treaties (in English), OECD, UN and US Models, relevant EU Directives, Technical Explanations, and more.

NEW

Worldwide Tax Planner

Calculates the worldwide tax cost of what-if scenarios based on legal entity structure, taxable income, and cross border transactions.

NEW

Certified Rates Report

Customizable Certified Rates Report providing updated corporate and withholding tax rates at the end of each month for over 100 countries.

NEW

Withholding Tax Minimizer

Enables quick calculation of tax costs and benefits of cross border transactions considering all possible transaction combinations and optimal routes.

NEW

VAT Rates

Provides value added tax (VAT) rates, goods and services tax (GST) rates and other indirect tax rates for over 100 countries.

NEW

NOL Calculator

Country specific calculator to determine how net operating losses can be utilized in carryback and carryforward years.

NEW

Transfer Pricing Calculator

Calculates TP ratios under various TP methods and calculates the difference between target ratios and actual ratios.

NEW

Individual Income Tax Rates

Individual tax rates for over 100 countries.

Play of the Day

Worldwide Tax Treaties

Repository including thousands of tax treaties (in English), OECD, UN and US Models, relevant EU Directives, Technical Explanations, and more.

We’re here to help

We’re here to answer any questions you have about the Orbitax products and services.

Send us a message

Who’s behind Orbitax?

We’re committed to providing high value, low cost tax research and management solutions.

Learn More