The Norwegian parliament has reportedly approved legislation for the introduction of Country-by-Country (CbC) reporting requirements based on BEPS Action 13 guidance. Key aspects of the requirements are summarized as follows:
- The requirements apply for fiscal years beginning on or after 1 January 2016 for MNE groups meeting a NOK 6.5 billion annual consolidated revenue threshold;
- Where the ultimate parent entity of the group is not resident in Norway, a resident constituent entity will be re…