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Foreign travel advice Indonesia
FCDO advises against all travel to parts of Indonesia.
Foreign travel advice Romania
Warnings and insurance Still current at: 24 April 2024 Updated: 23 April 2024 Latest update: Information related to drug offences and Romanian music festivals (under 'Laws and cultural differences' subheading on the 'Safety and security' page).
Foreign travel advice The Gambia
Warnings and insurance Still current at: 23 April 2024 Updated: 22 April 2024 Latest update: Ferry services between Banjul and Barra have been suspended until further notice; The Islamic Summit of the OIC (Organisation of Islamic Cooperation) will be held in Banjul on 4-5 May; road closures and delays at Banjul International Airport ('Safety and security' page).
Foreign travel advice China
Warnings and insurance Still current at: 23 April 2024 Updated: 22 April 2024 Latest update: Updated information on flooding (‘Safety and security’ page).
Guidance Living in South Korea
Information for British citizens moving to or living in South Korea, including guidance on residency, healthcare, driving and more.
Country-by-Country reporting (CbC Reporting)
What is Country-by-Country Reporting
Country-by-Country Reporting, often abbreviated as CbC Reporting or CbCR, is an international corporate reporting standard that requires multinational companies to provide information on their taxable income, taxes paid and other financial activities in each country where they operate. The purpose of Country-by-Country Reporting is to increase transparency and combat tax evasion by allowing authorities to see where a company generates its income and where it pays its taxes.
Country-by-Country Reporting has been implemented in several countries, including Denmark, and is an important part of international efforts to increase tax transparency and combat tax evasion. Country-by-Country Reporting enables authorities to identify and address tax evasion, and ensure that multinational companies pay their fair share of taxes in the countries where they operate.
Country-by-Country Reporting for Danish companies
Danish companies acting as either a parent company or a surrogate parent entity in a group with a total turnover of DKK 5.6 billion or more in an income year are subject to reporting obligations regarding CbC information, and must therefore submit a Country-by-Country Report to the Danish Tax Agency. The requirement stems from the international agreement on the automatic exchange of CBC reports, which Denmark has been part of since 2016.
Country-by-Country notification
Before the end of the current income year, Danish companies that are part of a multinational group with a consolidated turnover of DKK 5.6 billion or more in one income year must inform the Danish Tax Agency of which group company is obliged to submit a Country-by-Country Report for the subsequent income year.
Within a joint taxation, only the administration company is required to provide Country-by-Country Reporting on behalf of the joint taxation group.
Do you need help with Country-by-Country reporting?
At Azets, we can assist Danish companies that have a reporting obligation cf. the abovementioned requirements, with reporting the statement for Country-by-Country Reporting to the Danish Tax Agency.