MNE Tax have reported:
The UK’s HM Revenue and Customs today announced that it will propose amendments to existing country-by-country reporting regulations applicable to large multinational enterprises to add partnerships as reporting entities.
The proposed regulation amendments, to be issued this fall, will be consistent with OECD guidance issued in June and will be applicable January 1, HMRC said.
It's important to remember that no entity has to report country-by-country reporting data unless its turnover exceeds â‚¬750 million.
And how many UK partnerships have turnover exceeding that sum? I can think of four. Let's call then PWC, Deloitte, EY and KPMG.
What are HMRC saying? Surely they are not doubting the accountancy professions brightest and best on the issue of transfer pricing, are they?