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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.