Other countries, such as the U.S. and Australia, which also have similar rules, consider this a one-time levy attracting no interest. Thus, Indian rules are out of step with international practices. Introduction of country-by-country (CbC) and Master File reporting requirement for multinational enterprises (MNEs), as per the country’s BEPS commitment, can again be hardly resisted by the companies. But making the rules and forms more demanding in information than other comparable economies puts Indian rules out of step with the BEPS global standards. Besides, countries such as the U.S., the U.K., Singapore, South Africa and Canada do not have Master File requirements as of now.

Source: The Hindu January 27, 2018 14:48 UTC