The Isle of Man government has published the Income Tax (Country-by-Country Reporting) Regulations 2017, which were approved by the Tynwald (parliament) on 21 March 2017 and came into operation on 24 March. The regulations are based on the OECD model and introduce the necessary domestic legislative framework required for CbC reporting to take place. Key aspects of the CbC regulations are summarized as follows.
CbC Report Filing Requirement
- The requirements apply for fiscal years beginning…