The Internal Revenue Service has issued final regulations from the U.S. Treasury requiring a new, country-by-country filing from global entities to sort out where they earn their profits and how much they pay in taxes. The requirement applies to the ultimate parent entity of any multinational company that generates $850 million or more in revenue.
“Businesses were very anxious to have the final version of the regulations,” says Manal Corwin, head of the international tax practice at KPMG. “The sooner they get the information about what the U.S. regulations look like, the sooner they can prepare all of the internal processes that need to be in place to have all the information and do all the reporting.”
