Country-By-Country Reporting - Channel Island Legislation

Background

The Channel Islands have demonstrated their commitment to the Organisation for Economic Co-operation and Development's (OECD) Base Erosion and Profit Sharing project (BEPS) which included the Transfer Pricing Documentation and Country-by-Country Reporting – Action 13: Final Report (the OECD Final Report) which recommended the introduction of country-by country reporting (CbC Reporting).

Both Jersey and Guernsey have introduced local regulations to ensure that CbC Reporting is conducted in each island in accordance with the minimum requirements prescribed by the BEPS agenda.

CbC Reporting is one limb of a three tiered reporting approach recommended by the OECD with the aim of creating a transparent, coherent, modern international tax regime.