Swedish Group Contributions Not to Be Included in CbC Reporting; Panama Intends to Sign Multilateral Instrument
Local tax news
Sweden – Group Contributions Not to Be Included in CbC Reporting
The Swedish Tax Authority issued updated guidance on CbC reporting. According to the guidance group contributions, i.e. profit transfers used to offset losses of one group company against the profits of another group company or a related party, must be included in the profit/ loss reporting before income taxes, but do not have to be included in CbC reporting.
Panama – Panama Intends to Sign Multilateral Instrument
Panama takes further actions showing its commitment to take the necessary steps to meet international expectations in the combat against tax evasion. In October 2017 Panama signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, and expressed its intent to sign the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS ("Multilateral Instrument").
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