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On 27 December 2017, the Luxembourg tax authorities released a newsletter on Country-by-Country (CbC) reporting, as introduced in Luxembourg by the law of 23 December 2016. Taxand Luxembourg looks into the law further.
One important issue clarified by the Luxembourg tax authorities in the newsletter relates to the procedure for Luxembourg constituent entities of large MNE groups to notify the Luxembourg tax authorities of the identity and tax residence of the reporting entity of the group. The Law provides that companies with a first reporting tax year ending on 31 December 2016 have ro file the notification by 31 December 2016 at the latest.
Discover more: Country-by-Country Reporting: deadline extended to 31 March 2017
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MNE groups with operations in Luxembourg should perform an in depth review of their situation and, if relevant, make sure that they meet all new reporting and notification obligations on time.