Law360 Quotes Clark Armitage on Country-by-Country Tax Reporting
Law360 spoke to J. Clark Armitage about what multinational companies need to do for country-by-country tax reporting. He comments that data sources may include statutory accounts, tax return data and other financial statements, and should ideally be easy for the company to extract data from while presenting the most accurate picture of how operations are spread across various jurisdictions. "That flexibility has to be tempered with what they're reporting in their local file and master file because if the data that they submit in the country-by-country report is out of step with the local file data and they do get audited, that could raise concerns," Armitage said. For the complete article, please visit Worldwide Tax Daily's website (subscription required).