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Increased reporting requirements for multinational companies

NICOSIA, Cyprus - March 11, 2014 - PRLog -- Earlier this month the Organisation for Economic Co-operation and Development (OECD) announced a major consultation on the future of international tax reporting.

While the focus of OECD last year has been on tax evasion and avoidance issues, this year G20 countries have approved further action on tax transparency, and the OECD is collecting opinions on country-by-country reporting. The aim is to propel companies into disclosures of their tax and profit figures for each jurisdiction.

One of the Big-4 have published their concern with this move, saying that these increased reporting requirements could alarm large corporations, over complex compliance procedures when reporting cross border payments between companies of the same group and withholding taxes.

Our team of highly experienced professionals can advise you on investment funds, tailored to your specific business and personal circumstances. Please contact Ms. Stella C. Koukounis at s.koukounis@sklawcyprus.com or Mr. Charles Savva on c.savva@savvacyprus.com  to discuss how we can be of assistance to you.

Charles Savva

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Source:C. Savva & Associates Ltd
Location:Nicosia - Nicosia - Cyprus
Tags:Reporting, Tax Evasion, Big 4
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