Partnerships to be caught be country-by-country reporting

Partnerships to be caught be country-by-country reporting

Partnerships are to be included as reporting entities under new country-by-country reporting adopted by the European Commission, HMRC has confirmed

PARTNERSHIPS are to be included as reporting entities under new country-by-country reporting adopted by the European Commission, HMRC has confirmed.

HMRC said it will update UK rules to include partnerships by the end of the year.

In May, the EC adopted rules on the reporting by multinational companies of tax-related information as part of a package of reforms to strengthen rules against corporate tax avoidance, which build on the OECD’s base erosion and profit shifting (BEPS) rules.

The OECD recently published further guidance on country-by-country reporting, which makes clear that partnerships are within scope as reporting entities.

“The government is committed to implementing the OECD recommendations on country-by-country reporting and in the autumn will propose amendments to the regulations to include partnerships,” HMRC said.

The regulations will be applicable to periods beginning on or after 1 January 2016, in line with the OECD recommendations and previous government commitments.

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