BUDGET 2016: Ireland to sign up to OECD reporting

Ireland will be among the first to sign up to the OECD’s proposed country by country reporting, as recommended by the base erosion and profit shifting report for the G20.

This goes beyond the existing country by country reporting agreed at EU level and confined to the extractive sector such as timber, oil and minerals.

It is designed to improve international transparency on tax with the Revenue Commissioners learning where a company’s activity takes place and how much tax they pay in each country where they operate. It will not be made public but made available to tax authorities in other countries.