{"id":183,"date":"2021-07-22T11:55:29","date_gmt":"2021-07-22T11:55:29","guid":{"rendered":"https:\/\/wtpadvisors.com\/?p=183"},"modified":"2024-02-12T17:12:36","modified_gmt":"2024-02-12T17:12:36","slug":"beps-action-13-update","status":"publish","type":"post","link":"https:\/\/wtpadvisors.com\/tp-blog\/beps-action-13-update\/","title":{"rendered":"BEPS Action 13 Update"},"content":{"rendered":"<p>by Guy Sanschagrin, WTP Advisors<\/p>\n<h1 class=\"blog\">BEPS Action 13 Update<\/h1>\n<table>\n<tbody>\n<tr>\n<td>Earlier this year, our blog \u201c<a href=\"http:\/\/wtpadvisors.com\/blog\/master-file-local-file-transfer-pricing-documentation-faqs\" target=\"_blank\" rel=\"noopener noreferrer\">Master File \/ Local File Transfer Pricing Documentation FAQs<\/a>\u201d provided an overview of what a Master File \/ Local File (MF\/LF) system looks like along with practical considerations on implementing and maintaining the MF\/LF system. As of today, our blog pops up at the top of Google search results for the terms \u201cTransfer Pricing Master File\u201d \u2013 ahead of content published by the OECD. This tells us that many found our content unique and helpful. Given your level of interest, we thought we\u2019d provide an update on new developments associated with the implementation of Action 13 across the world.<\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Updates Since March 2017<\/h2>\n<p>Post March 2017,\u00a0<a href=\"http:\/\/wtpadvisors.com\/blog\/beps-what-it-all-means\" target=\"_blank\" rel=\"noopener noreferrer\">BEPS\u00a0<\/a>initiative updates primarily focus on the adoption of\u00a0<a href=\"http:\/\/wtpadvisors.com\/blog\/country-by-country-reporting-update\" target=\"_blank\" rel=\"noopener noreferrer\">country-by country (CbC) reporting<\/a>. We find the most important updates provide clarification on CbC reportable revenue and on applicable accounting standards.<\/p>\n<h3>A.\u00a0\u00a0\u00a0 Definition of Revenue<\/h3>\n<p>The model CbC standard&#8217;s definition of &#8220;revenue&#8221; is broad. All &#8220;revenue,&#8221; &#8220;gains,&#8221; &#8220;income,&#8221; or &#8220;other inflows&#8221; are revenue for CbC reporting purposes<\/p>\n<p>Generally, reportable revenue includes income statement items and P&amp;L statement items such as:<\/p>\n<ul>\n<li>Sales revenues<\/li>\n<li>Asset sales related net gains<\/li>\n<li>Interest received<\/li>\n<li>Extraordinary income, and<\/li>\n<li>Certain unrealized gains<\/li>\n<\/ul>\n<p>Items not considered revenue for CbC purposes Generally, these are:<\/p>\n<ul>\n<li>&#8220;Comprehensive&#8221; income and\/or earnings<\/li>\n<li>Unrealized gains &#8220;reflected in net assets,&#8221; and<\/li>\n<li>Items reflected in a typical balance sheet&#8217;s &#8220;equity&#8221; section<\/li>\n<\/ul>\n<h3>B.\u00a0\u00a0\u00a0 Other Guidance<\/h3>\n<p>Generally, accounting principles and\/or standards are not stipulated by the model CbC standards.<\/p>\n<p>However:<\/p>\n<ul>\n<li>If an equity interest is publicly traded, accounting rules already followed by the MNE Group will control<\/li>\n<li>If the equity interest is not publicly traded, either local GAAP applicable to the MNE&#8217;s &#8220;Ultimate&#8221; Parent will control, or IFRS will control<\/li>\n<li>The MNE Group should use the same standards across the group (presumably to allow for comparative analysis)<\/li>\n<\/ul>\n<p>Currency fluctuations and the \u20ac750 million, &#8220;total consolidated,&#8221; group threshold<\/p>\n<ul>\n<li>The model CbC standards prescribe a consolidated, \u20ac750 million, reporting threshold<\/li>\n<li>While adopting jurisdictions may denominate this threshold in non-euros, there is no requirement that these jurisdictions periodically revise the CbC threshold to reflect currency fluctuations. Note that as of this date, there is no indication that this threshold will be indexed for inflation \u2013 so smaller companies will increasingly be subject to CbC requirements over time.<\/li>\n<\/ul>\n<p>Revenue included in the \u20ac750 million, &#8220;total consolidated,&#8221; group threshold<\/p>\n<ul>\n<li>&#8220;[A]ll\u2026revenue that is (or would be) reflected in the consolidated financial statements should be [included]&#8221;<\/li>\n<li>For financial institutions, items considered similar to revenue, under applicable accounting rules, should be included<\/li>\n<\/ul>\n<h2>Countries Adopting BEPS \/ Action 13 Implementation<\/h2>\n<p>Currently, more than 50 countries, including the US, have adopted elements of Action 13. If an MNE has an entity operating in one of those countries, it&#8217;ll probably have to modify its reporting to comply.<\/p>\n<p>As summarized in the table below, of countries adopting elements of Action 13, 57 have adopted CbC reporting. Six have draft legislation, and 15 have expressed an adoption intention. Because the CbC reporting requirement is part of the BEPS &#8220;Three Tier&#8221; reporting structure, many countries adopting CbC reporting have also adopted the MF\/ LF structure.<\/p>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"2\" width=\"328\">\n<p align=\"center\"><strong><span style=\"font-family: Arial; font-size: small;\">Adopted<\/span><\/strong><\/p>\n<\/td>\n<td width=\"156\">\n<p align=\"center\"><strong><span style=\"font-family: Arial; font-size: small;\">Legislation<\/span><\/strong><\/p>\n<\/td>\n<td width=\"136\">\n<p align=\"center\"><strong><span style=\"font-family: Arial; font-size: small;\">Intention<\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"173\"><span style=\"font-family: Arial; font-size: small;\">1.<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Argentina<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">30.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Isle of Man<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">1.<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Israel<\/span><\/td>\n<td width=\"136\"><span style=\"font-family: Arial; font-size: small;\">1.<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Botswana<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"173\"><span style=\"font-family: Arial; font-size: small;\">2.<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Australia<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">31.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Italy<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">2.<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">New Guinea<\/span><\/td>\n<td width=\"136\"><span style=\"font-family: Arial; font-size: small;\">2.<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Caymans<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"173\"><span style=\"font-family: Arial; font-size: small;\">3.<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Austria<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">32.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Japan<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">3.<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Russia<\/span><\/td>\n<td width=\"136\"><span style=\"font-family: Arial; font-size: small;\">3.<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Costa Rica<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"173\"><span style=\"font-family: Arial; font-size: small;\">4.<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Belgium<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">33.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Jersey<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">4.<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Switzerland<\/span><\/td>\n<td width=\"136\"><span style=\"font-family: Arial; font-size: small;\">4.<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Curacao<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"173\"><span style=\"font-family: Arial; font-size: small;\">5.<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Bermuda<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">34.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Latvia<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">5.<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Taiwan<\/span><\/td>\n<td width=\"136\"><span style=\"font-family: Arial; font-size: small;\">5.<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Georgia<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"173\"><span style=\"font-family: Arial; font-size: small;\">6.<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Bosnia Herzegovina<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">35.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Liechtenstein<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">6.<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Turkey<\/span><\/td>\n<td width=\"136\"><span style=\"font-family: Arial; font-size: small;\">6.<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Hong Kong<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"173\"><span style=\"font-family: Arial; font-size: small;\">7.<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Bulgaria<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">36.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Lithuania<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<td width=\"136\"><span style=\"font-family: Arial; font-size: small;\">7.<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Kenya<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"173\"><span style=\"font-family: Arial; font-size: small;\">8.<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Brazil<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">37.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Luxembourg<\/span><\/td>\n<td valign=\"top\" width=\"156\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<td width=\"136\"><span style=\"font-family: Arial; font-size: small;\">8.<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Mauritius<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"173\"><span style=\"font-family: Arial; font-size: small;\">9.<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Canada<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">38.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Malaysia<\/span><\/td>\n<td valign=\"top\" width=\"156\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<td width=\"136\"><span style=\"font-family: Arial; font-size: small;\">9.<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Namibia<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"173\"><span style=\"font-family: Arial; font-size: small;\">10.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Chile<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">39.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Malta<\/span><\/td>\n<td valign=\"top\" width=\"156\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<td width=\"136\"><span style=\"font-family: Arial; font-size: small;\">10.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">New Zealand<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"173\"><span style=\"font-family: Arial; font-size: small;\">11.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">China<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">40.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Mexico<\/span><\/td>\n<td valign=\"top\" width=\"156\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<td width=\"136\"><span style=\"font-family: Arial; font-size: small;\">11.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Nigeria<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"173\"><span style=\"font-family: Arial; font-size: small;\">12.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Colombia<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">41.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Netherlands<\/span><\/td>\n<td valign=\"top\" width=\"156\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<td width=\"136\"><span style=\"font-family: Arial; font-size: small;\">12.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Panama<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"173\"><span style=\"font-family: Arial; font-size: small;\">13.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Croatia<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">42.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Norway<\/span><\/td>\n<td valign=\"top\" width=\"156\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<td width=\"136\"><span style=\"font-family: Arial; font-size: small;\">13.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Romania<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"173\"><span style=\"font-family: Arial; font-size: small;\">14.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Cyprus<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">43.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Pakistan<\/span><\/td>\n<td valign=\"top\" width=\"156\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<td width=\"136\"><span style=\"font-family: Arial; font-size: small;\">14.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Ukraine<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"173\"><span style=\"font-family: Arial; font-size: small;\">15.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Czech Republic<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">44.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Peru<\/span><\/td>\n<td valign=\"top\" width=\"156\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<td width=\"136\"><span style=\"font-family: Arial; font-size: small;\">15.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Uganda<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"173\"><span style=\"font-family: Arial; font-size: small;\">16.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Denmark<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">45.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Poland<\/span><\/td>\n<td valign=\"top\" width=\"156\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<td valign=\"top\" width=\"136\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"173\"><span style=\"font-family: Arial; font-size: small;\">17.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Estonia<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">46.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Portugal<\/span><\/td>\n<td valign=\"top\" width=\"156\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<td valign=\"top\" width=\"136\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"173\"><span style=\"font-family: Arial; font-size: small;\">18.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Finland<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">47.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Singapore<\/span><\/td>\n<td valign=\"top\" width=\"156\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<td valign=\"top\" width=\"136\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"173\"><span style=\"font-family: Arial; font-size: small;\">19.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">France<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">48.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Slovenia<\/span><\/td>\n<td valign=\"top\" width=\"156\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<td valign=\"top\" width=\"136\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"173\"><span style=\"font-family: Arial; font-size: small;\">20.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Gabon<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">49.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Slovakia<\/span><\/td>\n<td valign=\"top\" width=\"156\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<td valign=\"top\" width=\"136\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"173\"><span style=\"font-family: Arial; font-size: small;\">21.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Germany<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">50.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">South Africa<\/span><\/td>\n<td valign=\"top\" width=\"156\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<td valign=\"top\" width=\"136\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"173\"><span style=\"font-family: Arial; font-size: small;\">22.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Gibraltar<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">51.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">South Korea<\/span><\/td>\n<td valign=\"top\" width=\"156\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<td valign=\"top\" width=\"136\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"173\"><span style=\"font-family: Arial; font-size: small;\">23.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Greece<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">52.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Spain<\/span><\/td>\n<td valign=\"top\" width=\"156\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<td valign=\"top\" width=\"136\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"173\"><span style=\"font-family: Arial; font-size: small;\">24.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Guernsey<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">53.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Sweden<\/span><\/td>\n<td valign=\"top\" width=\"156\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<td valign=\"top\" width=\"136\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"173\"><span style=\"font-family: Arial; font-size: small;\">25.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Hungary<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">54.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">United Kingdom<\/span><\/td>\n<td valign=\"top\" width=\"156\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<td valign=\"top\" width=\"136\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"173\"><span style=\"font-family: Arial; font-size: small;\">26.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Iceland<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">55.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">United States<\/span><\/td>\n<td valign=\"top\" width=\"156\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<td valign=\"top\" width=\"136\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"173\"><span style=\"font-family: Arial; font-size: small;\">27.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">India<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">56.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Uruguay<\/span><\/td>\n<td valign=\"top\" width=\"156\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<td valign=\"top\" width=\"136\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"173\"><span style=\"font-family: Arial; font-size: small;\">28.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Indonesia<\/span><\/td>\n<td width=\"156\"><span style=\"font-family: Arial; font-size: small;\">57.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Vietnam<\/span><\/td>\n<td valign=\"top\" width=\"156\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<td valign=\"top\" width=\"136\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"173\"><span style=\"font-family: Arial; font-size: small;\">29.<\/span>\u00a0\u00a0<span style=\"font-family: Arial; font-size: small;\">Ireland<\/span><\/td>\n<td valign=\"top\" width=\"156\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<td valign=\"top\" width=\"156\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<td valign=\"top\" width=\"136\"><span style=\"font-family: Arial; font-size: small;\">\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Brief Examples of BEPS \/ Action 13 Implementation &#8211; China, India, and Mexico<\/h2>\n<p>Each country&#8217;s adoption of BEPS principles will vary. Ultimately, countries&#8217; individual rules will control and many countries have instilled their own specific requirements while other countries have taken an \u201cas in\u201d approach. We provide brief updates on developments in China, India and Mexico.<\/p>\n<h3>A. China<\/h3>\n<p>In Summer 2016, China&#8217;s State Administration of Taxation issued Public Notice 42 which stipulates new reporting requirements for related party transactions, documentation, and CbC. The Annual Related party transaction (RPT) forms include twenty-two different tables, including CbC, while documentation is now in the form of three-tiered Master File &#8211; Local File, and Special [Items] File, which is essentially a description of an MNE&#8217;s supply chain.<\/p>\n<h3>B. India<\/h3>\n<p>In April 2016, India implemented a new &#8220;Finance Act&#8221; that adopted Action 13&#8217;s three-tiered Master File &#8211; Local File, with CbC structure. Only MNEs with consolidated revenue exceeding \u20ac750 million are subject to CbC reporting requirements, in accordance with the Action 13 guidelines. However, India prefers to see each business line mapped separately, so a diversified MNE, with significant Indian operations, might consider developing multiple Master Files broken out by business line.<\/p>\n<h3>C. Mexico<\/h3>\n<p>In Spring 2017, Mexico&#8217;s Tax Administrative Service issued its final Action 13 related compliance rules. Mexico adopted an objective turnover threshold for applying a CbC requirement. Subsidiary type entities, such as maquiladoras, must receive at least US $37 million to be subject to CbC reporting rules. Mexican entities must have met a turnover of US $.63 billion to be subject to CbC reporting rules. For Master Files, Mexico adopted Action 13&#8217;s five products and five percent principles.<\/p>\n<p>These are just some examples of countries&#8217; variable adoption of principles from the BEPS initiative, which is why performing a risks and opportunities analysis, before deciding on a new reporting structure and a transfer pricing documentation plan, is a worthwhile endeavor for most MNEs.<\/p>\n<p>Given your level of interest in Action 13, we will continue to provide updated on new developments periodically. Please email us at\u00a0<a>info@wtpadvisors.com\u00a0<\/a>to let us know of any topics you would like us to cover.<\/p>\n<hr class=\"blog\" \/>\n<div><a>Guy Sanschagrin<\/a>\u00a0| 11\/13\/2017<\/div>\n","protected":false},"excerpt":{"rendered":"<p>by Guy Sanschagrin, WTP Advisors BEPS Action 13 Update Earlier this year, our blog \u201cMaster File \/ Local File Transfer Pricing Documentation FAQs\u201d provided an overview of what a Master File \/ Local File (MF\/LF) system looks like along with practical considerations on implementing and maintaining the MF\/LF system. As of today, our blog pops [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":497,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transfer-pricing"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BEPS Action 13 Update -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wtpadvisors.com\/tp-blog\/beps-action-13-update\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BEPS Action 13 Update -\" \/>\n<meta property=\"og:description\" content=\"by Guy Sanschagrin, WTP Advisors BEPS Action 13 Update Earlier this year, our blog \u201cMaster File \/ Local File Transfer Pricing Documentation FAQs\u201d provided an overview of what a Master File \/ Local File (MF\/LF) system looks like along with practical considerations on implementing and maintaining the MF\/LF system. 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