The OECD has released the first peer reviews of the Country-by-Country (CbC) reporting initiative. The peer reviews indicate that most countries (including Ireland) with large MNE headquarters located in its jurisdiction have introduced new reporting obligations that are compliant with transparency requirements.

CbC reporting exchanges are set to begin in June 2018. This means that tax administrations worldwide will collect and share detailed information on all large MNEs doing business in their country. Information collected includes the amount of revenue reported, profit before income tax, and income tax paid and accrued, as well as the stated capital, accumulated earnings, number of employees and tangible assets, broken down by jurisdiction. More than 1,400 bilateral relationships are already in place for CbC exchanges, with more to come throughout the year.

The OECD review noted that Ireland has fulfilled all the minimum requirements for the introduction of CbC tax reporting by large multinational companies.