United Kingdom - Proposed financial institution country-by-country reporting 

September 27: HM Treasury published a consultation document setting out initial proposals on how to interpret the various terms and requirements of a new directive that would require country-by-country reporting for certain financial institutions, and to seek views from stakeholders on this proposal.

The new directive would require certain financial institutions to disclose annually the following information:

  • Name
  • Nature of activities and geographic location
  • Number of employees
  • Turnover, on a consolidated basis, by country where the financial institutions have an establishment

This information would be first disclosed on or before 1 July 2014.

Additional requirements would require disclosure to the European Commission, on a confidential basis, of information about pre-tax profit or loss, taxes paid and any public subsidies received. A decision as to whether this information would also be made public would not be made until after the first disclosures are made, also by 1 July 2014.

Comments on the consultation document are due 18 October 2013. The objective is for draft legislation and guidance to be prepared for comments during a one-week period beginning in early/mid November. The legislation is intended to be effective 1 January 2014.

Read a September 2013 report [PDF 134 KB] prepared by the KPMG member firm in the United Kingdom: Weekly Tax Matters (27 September 2013)

Also included in the KPMG report are discussions of the following topics:

  • HMRC launches a new online service for employees
  • Changes to payroll reporting requirements for contracted-out pension schemes
  • Claiming credit for foreign taxes against tax withheld under PAYE
  • RTI – Exam or Electoral PAYE schemes
  • ATED – Accommodation made available to employees/partners
  • "Loans to participators" regime changes
  • VAT – Commission’s Vouchers proposal update
  • VAT – Colaingrove Ltd (Verandahs) – taxpayer appeals
  • OFT report into value for money in DC pension schemes

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