Country-by-Country reporting norms for MNEs : A quick look

More and more countries are requiring multinational enterprises (MNEs) to comply with the new model of tax reporting and compliance. MNEs are subject to multiple tax jurisdictions. Country-by-Country reporting requires all types of large multinational enterprises and partnerships based in the UK to provide an annual report with a country-specific breakdown of profits made and taxes paid in all countries in which they operate. Simply operating at a global level should not exclude MNCs from having to declare their returns of all their firms on foreign operations.