BEPS Central: Isle of Man
Duff & Phelps provides additional new transfer pricing documentation requirements, jurisdiction by jurisdiction, including filing dates, notification dates, filing thresholds and penalties.
Isle of Man Country-by-Country Reporting Tear Sheet
Status of Domestic Legislation
Legislation in force
First Period Covered
Financial years beginning on or after January 1, 2017
Filing Deadline
Within 12 months of end of income year
Turnover Threshold
EUR 750 million
Deadline for Notification of Reporting Entity
Within 6 months of the end of the reporting fiscal year for resident ultimate parent entities; within one year and a day for resident entities of foreign-parented groups
Signatory to CbC Multilateral Competent Authority Agreement (“CbC MCAA”)?
(The CbC MCAA is an agreement which provides that Country-by-Country reports filed with the tax authority of a signatory will be automatically exchanged with the tax authorities of all other signatories).
Yes
Covered by EU Directive 2011/16/EU?
(This directive requires that all EU member states co-operate in the field of taxation. Specifically, Amendment DAC4 requires multinationals to report certain financial information, now to include Country-by-Country Reporting, in every country in which they operate).
No
Member of Inclusive Framework on BEPS Implementation?
(Membership of the inclusive framework on BEPS implementation commits jurisdictions to implementing the BEPS package, including CbC reporting).
Yes
Penalties
(Late Penalties: Penalties for late/non-filing.
Inaccurate/False Information Penalties: Penalties for provision of inaccurate or false information)
Yes
Secondary Filing
(Does the jurisdiction require filing of the CbC report by a local group entity where the report is not made available by the jurisdiction of the ultimate parent entity)?
Secondary filing is required
Surrogate Filing
(Does the jurisdiction permit the appointment of a substitute local entity in place of the ultimate parent entity for the purpose of filing the CbC report on behalf of the group)?
Surrogate filing is permitted
Method of Filing
The CbC report must be submitted electronically using the Online Information Providers Service
CbC Language Requirements
TBA
Master file/Local File
(Action Point 13 also included guidance on Master file and Local file requirements, including specific items to be included and the format of such reports. Where a jurisdiction has amended its transfer pricing documentation requirements because of Action 13 to adopt the Master file and Local file concepts, this is noted below).
Master File
Status of Domestic Legislation: --
Reporting Threshold: --
Filing Deadline: --
First Period Covered: --
Language Requirement: --
Local File
Status of Domestic Legislation: --
Reporting Threshold: --
Filing Deadline: --
First Period Covered: --
Language Requirement: --