The government of Liechtenstein intends to implement the so-called Country-by-Country Reporting. It is a minimum requirement of BEPS, the OECD framework to avoid tax evasion and profit shifting.
The pursuant consultation report concerns the exchange of Country-by-Country Reporting (MCAA-CbC), as well as the law on the international automatic exchange of Country-by-Country Reports of multinational corporations. The government has now adopted this report, according to a statement. A task force prepared the resolution. The measure is linked to the BEPS project (Base Erosion and Profit Shifting) and could be implemented as one of the BEPS minimum requirements.
BEPS was launched by the OECD and the G20 countries, with the OECD compiling an action plan of 15 measures. One of these measures covers the Country-by-Country Reporting (CbC-Reporting). According to the measure, multinational corporations with a turnover greater than CHF 900 million have to submit a country-specific report to their national tax authority. This authority then forwards the report to the authorities in the relevant partner countries.
The consultation period ends on 2nd August 2016, confirmed the government in the statement.