Country-by-country Report Legal System Established Under BEPS

As a significant component of action 13 of The Base Erosion and Profit Shifting(the"BEPS"),Country-by-Country Report legal systems(the "CBC Report")is a new born system in the international tax field.It is also one of the four of the minimum standards that all members of the BEPS project have committed to implement from 2016.After the adoption of the CBC Report,all the multinational enterprises(the "MNEs")are required to file an annual table to the jurisdiction where it residents and provide the commercial statistics and basic information of all entities to the tax administrators.Such information will be utilized in assessment of high-level transfer pricing risk and other BEPS related risks,which is widely recognized as a crucial aspect for tackling the BEPS problem and enhancing tax transparency.However,it may also substantially increase the compliance costs to the MNEs.This article is intended to take the legislation template of Economic Co-operation and development("OECD")and other supporting recommendation reports published by OECD as a start,and then comes up with some suggestions with perfection of Chinese CBC report legal system,i.e.further polishing the legislations,strengthening the information protection and enhancing international cooperation.