Country-by-Country Report
The Country-by-Country Report (CbC Report) is established in accordance with the Organization for Economic Co-operation and Development (OECD) Action 13, which sets minimum standards for when a CbC Report must be submitted under certain circumstances. Tax authorities automatically exchange CbC Reports based on relevant exchange arrangements.
Notification
The CbC Report notification describes how a group plans to comply with the Country-by-Country reporting requirements in Hong Kong. If a multinational enterprise (MNE) group qualifies as a reporting group, every Hong Kong entity must submit a written notification to the Commissioner of Inland Revenue within three months of the end of the accounting period, identifying the ultimate parent entity or member entity responsible for submitting the CbC Report.
Submission
If a multinational enterprise group meets the threshold of a consolidated group revenue of not less than HKD 6.8 billion (or EUR 750 million) for the preceding accounting period, then the MNE must submit a CbC Report for that accounting period.
Mercury International provides comprehensive services, including managing CbC Report notifications, preparing related documents, and assisting clients in submitting CbC Reports to the tax authorities.
Related Reading
- To do cross-border e-commerce, why choose to register a Hong Kong company?
- Immigration and Investment: Singapore Family Office
- What are the benefits of obtaining Hong Kong status after applying for Hong Kong Talents?
- There are 50 states for company registration in the United States, how to choose?
- What is included in the Singapore company tax declaration?
- What are the advantages of registering a German company?
- Those things about applying for an offshore waiver!
- Highlights of the latest Hong Kong Budget 2022-23
- How to become a Hong Kong tax resident?
- Why is it so difficult to open a bank account in Hong Kong?
