Global Tax Reset Transfer Pricing Documentation Summary. February 2018

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1 Global Tax Reset Transfer Pricing Summary February 2018

2 Global Tax Reset Transfer Pricing Summary Overview The Global Tax Reset Transfer Pricing Summary ( Guide ) compiles essential country-by-country ( CbC ) reporting and documentation (including master file and local file where applicable) for 66 jurisdictions around the world. It has been reviewed and upd as of 20 February As used in this guide, please note the following interpretations: Secondary generally refers to a local obligation imposed on resident entities in a multinational enterprise ( MNE ) group when the jurisdiction does not receive the country-by-country ( CbC ) report via automatic exchange from the parent or surrogate reporting entity s jurisdiction. Some countries that have s may exceptions for FY 2016 (that is, resident entities do not need to submit a CbC report for FY 2016). Local file is defined as either an OECD local file (i.e., prepared in accordance with Annex II to Chapter V of the revised OECD Transfer Pricing Guidelines) or transfer pricing documentation prepared under local regulations. Some countries also have disclosure s that do not directly relate to the OECD local file. means that the tax authority will accept a report that meets OECD content guidelines, and the report will likely meet penalty protection s. However, it is anticipated that will be to be d upon a transfer pricing audit. In addition, some countries require transfer pricing reports to be prepared in local languages. Such language s are not considered in this summary when determining whether an OECD master file and local file can local documentation compliance. Lastly, this definition does not take into considerations for specific types of transactions such as cost sharing or financing. With respect to master file or local file/documentation s, refers to a to submit either all or, in certain countries, only parts of the documentation; "s" refers to having to the documentation upon request; "" refers to having to prepare documentation by a certain (usually by the time of annual tax returns). For certain countries, only certain types of documentation need to be prepared contemporaneously (e.g., documentation for self-adjustment, penalty protection or extraordinary business transactions); these countries are listed as having contemporaneous s. Certain countries have whereby documentation needs to be prepared by a tax return due under one scenario but also needs to be submitted under another (e.g., Korea, Mexico and Uruguay); these countries are listed as having s. "Parent surrogate " means voluntary for Ultimate Parent Entities resident in their jurisdictions of residence that do not yet require it. Specifically, according to the OECD implementation guidance, "jurisdictions that will not be able to implement with respect to fiscal periods from 1 January 2016 may be able to accommo voluntary for Ultimate Parent Entities resident in their jurisdiction. This would allow the Ultimate Parent Entities of an MNE Group resident in those jurisdictions to voluntarily file their CbC report for the fiscal periods commencing on or from 1 January 2016 in their jurisdiction of tax residence." When an MNE makes a voluntary parent surrogate, the OECD recommends that (local) obligations should not apply in any jurisdiction that otherwise would require constituent entities in that jurisdiction to file locally when the report is not received via automatic exchange under a tax treaty or tax exchange agreement from the reporting entity's jurisdiction. Some countries a monetary threshold for or preparation of the master file or local file/documentation. For the purpose of this document, it is assumed any or preparation thresholds have been met. There may be multiple due s for certain countries applicable for different parts of the master file or local file/documentation. The earliest due that could apply is listed. This Guide is a summary and indicative only, based on Deloitte s understanding of the position at the time of publication. It should not be relied upon for making business decisions, and we recommend you consult a transfer pricing specialist before taking any action. The transfer pricing specialists in Deloitte member firms around the world have the knowledge and experience to help you on your journey. For more regarding transfer pricing issues in specific countries, and about Deloitte s tax practice in those jurisdictions, please contact your usual Deloitte transfer pricing adviser or one of the listed contacts. 2

3 Global Tax Reset Transfer Pricing Summary of Report due (months/s -end) Secondary Available New MF LF for (months/s -end) Argentina for LF 8 months Australia for MF; for LF Austria ; for Complies Belgium the closing of the reporting period, for FY 2016, due for CbCR has been extended to 31 March 2018 for MF; for LF Bermuda Yes, only for UPEs or SPEs Brazil By tax return due, 31 July Brazil does not follow OECD Brazil does not follow OECD Bulgaria ; for Canada for LF Chile 6 months for LF China By tax return due Colombia Feb 2018, the exact day depends on the last digit of the entity's tax identification September; exact due depends on the last number of "Tax ID" 3

4 Global Tax Reset Transfer Pricing Summary of Report due (months/s -end) Secondary Available New MF LF for (months/s -end) Costa Rica FYE April Apr 2016 Croatia ; for the end of the reporting period, exception is of the report for FY the tax payers are given up to 18 months for LF Cyprus ; for end of reporting period, for FY 2016, the due for CbCR has been extended to 28 Feb 2018 Czech Republic ; for Denmark ; for ; FY 2016 is optional ; FY 2016 is optional/existing Estonia ; for Already w.e.f. 1 Jan 2007 Finland France Already. Strictly aligned as from 1 Jan Already. Strictly aligned as from 1 Jan Germany ; for for MF; for LF Greece Already Guernsey end of reporting period, however for UPE/Surrogate parent entities with 31 Dec 2016 Y/E reporting deadline has been extended to 31 Mar

5 Global Tax Reset Transfer Pricing Summary of Report due (months/s -end) Secondary Available New MF LF for (months/s -end) Hong Kong Hungary 1 Jan 2018, subject to passing of legislation, voluntary may be possible for FY before 2018 ; for Yes, only for UPEs or SPEs 1 Apr Accounting commencing on or 1 April 2018, subject to passing of legislation. 1 Jan Obligatory for tax s in 2018, optional for tax s in Apr 2018 Optional for ; obligatory for 1 Jan 2018 for MF; for LF Iceland for LF India 1 Apr 2016 FY April 2016 for MF; for LF Indonesia The CbCR must be available within the end of the fiscal of the local taxpayer Ireland the end of the first accounting period, for FY 2016, the due of the CbC report has been extended to 28 Feb 2018 for LF Israel for LF Isle of Man and a day Italy end of reporting period, for FY 2016, the due for has been extended to 9 Feb 2018 Already Japan 1 Apr Apr Apr 2017 for MF; for LF Jersey 5

6 Global Tax Reset Transfer Pricing Summary of Report due (months/s -end) Secondary Available New MF LF for (months/s -end) Kazakhstan 1 Jan Jan 2019 Korea for MF; for LF Lithuania for LF Luxembourg Malaysia TP documentation prepared on or 15 Jul 2017 for MF; for LF Malta ; for 9 months Mexico Yes, only for UPEs or SPEs for MF; for LF Netherlands New Zealand Norway ; for Panama for LF Peru 3 months - TP adjustment form; 6 months - TP documentation; For FY 2016, deadline will be during April

7 Global Tax Reset Transfer Pricing Summary of Report due (months/s -end) Secondary Available New MF LF for (months/s -end) Philippines for LF Poland ; for Portugal end of reporting period, exception for FY 2016, where the deadline was extended for an 2 months (until 28 Feb 2018) for LF Romania for LF Russia, voluntary possible for FY Jan 2018 Serbia for LF For financial ending 31 December, deadline for is 29 June Singapore for LF Slovakia ; for Already Slovenia ; for Already South Africa the first on which reporting is due entities that have to submit the CbC, master file and local file on 31 Dec 2017 and 31 Jan 2018 have an extension until the 28 Feb 2018 or 10 Jan 2016 Spain Sweden 1 Apr Apr

8 Global Tax Reset Transfer Pricing Summary of Report due (months/s -end) Secondary Available New MF LF for (months/s -end) Switzerland 1 Jan 2018, voluntary possible for FY before 2018 Yes, only for UPEs and SPEs for LF Taiwan for MF; for LF Thailand Turkey Ukraine United Kingdom for LF United States 1 Jul 2016; Voluntary allowed for s beginning prior to 1 Jul 2016 By tax return due, extended to the close of the taxable for early reporting periods for LF Uruguay for LF 9 months and 15 days Vietnam Tax s ending on or 1 May 2017 By tax return due Tax s ending on or 1 May (e.g., 1 Jan Dec 2017 would be included) Tax s ending on or 1 May 2017 The above is current as of 20 February, 2018 based on available as of that, and is subject to change without notice. This matrix contains general only, and none of Deloitte Touché Tohmatsu Limited, its member firms, or their related entities (collectively, the Deloitte Network ) is, by means of this communication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. No entity in the Deloitte Network shall be responsible for any loss whatsoever sustained by any person who relies on this matrix. 8

9 Global Tax Reset Transfer Pricing Summary Contacts Paul Riley Deloitte Global Leader Transfer Pricing United States John Wells Principal, Deloitte US johnwells@deloitte.com Asia Pacific Fiona Craig Partner, Deloitte Australia ficraig@deloitte.com.au Europe, Middle East, and Africa Shaun Austin Partner, Deloitte UK saustin@deloitte.co.uk 9

10 Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ( DTTL ), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as Deloitte Global ) does not services to clients. Please see to learn more about our global network of member firms. Deloitte s audit & assurance, consulting, financial advisory, risk advisory, tax and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500 companies through a globally connected network of member firms in more than 150 countries and territories bringing world-class capabilities, insights, and high-quality service to address clients most complex business challenges. To learn more about how Deloitte s approximately 245,000 professionals make an impact that matters, please connect with us on Facebook, LinkedIn, or Twitter. This communication contains general only, and none of Deloitte Touche Tohmatsu Limited, its member firms, or their related entities (collectively, the Deloitte Network ) is, by means of this communication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. No entity in the Deloitte Network shall be responsible for any loss whatsoever sustained by any person who relies on this communication For, contact Deloitte Touche Tohmatsu Limited.

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