The Taxes (Base Erosion and Profit Shifting) (Country-by-Country Reporting) (Amendment) Regulations 2023

The Taxes (Base Erosion and Profit Shifting) (Country-by-Country Reporting) (Amendment) Regulations 2023 were published on legislation.gov.uk, the official government website for publicizing legal texts. The regulations modify the Taxes (Base Erosion and Profit Shifting) (Country-by-Country Reporting) Regulations 2016 (SI 2016/237) primarily to remove a notification requirement and make consequential adjustments throughout the 2016 regulations.
In detail, the Taxes (Base Erosion and Profit Shifting) (Country-by-Country Reporting) Regulations 2016 (as amended) mandated multinational enterprises to provide annual reports to the HM Revenue & Customs (HMRC), disclosing details of their revenue, profit, taxes, and other economic activities in each tax jurisdiction they operate. This information aids tax administrations in assessing potential tax base erosion and profit shifting by these enterprises. In 2017, the regulations were amended to include a requirement for reporting enterprises to notify the HMRC of their intention to submit the reports. This notification requirement along with related provisions (e.g. references to the form for notification) are eliminated.