View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
September 1, 2017updated 03 Jan 2021 6:15pm

The UK becomes the 20th country to exchange tax reports with the USA

By Stephanie Wix

The UK and USA governments have agreed to exchange tax information from multinational enterprises in country by country reports (CBCR).

The reports from companies with at least $850m in revenue filed with the USA’s Internal Revenue Service (IRS) will be exchanged with the UK’s Her Majesty’s Revenue and Customs (HMRC), and vice versa for UK multinational groups with at least €750m (USD $902.3m). This is under the condition that the multinational is a resident for tax purposes or has a permanent establishment in the UK or USA.

The entity reports aggregate profit or loss before income tax, income tax paid, capital for each constituent entity, accumulated earnings, total full time employees and net value of tangible assets. They must file for each tax jurisdiction where at least one constituent entity resides.

Other countries that have CBCR exchange agreements with the USA include; Australia, Belgium, Brazil, Canada, Denmark, Estonia, Guernsey, Iceland, Ireland, the Isle of Man, Jamaica, Latvia, Malta, the Netherlands, New Zealand, Norway, Slovakia, South Africa, and South Korea.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to International Accounting Bulletin