What Is the Country-by-Country Report?
The Country-by-Country Report is mandatory for certain multinational companies that must file detailed financial and tax information for each of the companies that belong to an economic group. This report allows tax administrations to identify possible risks of tax base erosion and profit shifting due to differences in the tax regimes of the jurisdictions where these companies reside.
Extension in the Dominican Republic
The DGII (Dirección General de Impuestos Internos – General Directorate of Internal Taxes) of the Dominican Republic has granted a second extension for reporting the Country-by-Country for the 2022 and 2023 tax periods. The new reporting deadline for both tax periods is January 31, 2025, which extends the original deadline and the previous extension granted for the 2022 tax period (August 30, 2024).
Obligated Entities
This obligation applies to multinational companies with consolidated revenues equal to or higher than RD$38,800,000,000.00 in the previous fiscal year, according to General Norm No.08-21. These companies must ensure the correct reporting according to the DGII’s requirements.
Key Recommendations for Companies
- Review the applicable regulations: Make sure you comply with the DGII’s formats and requirements.
- Update the financial information: Verify that the data included in the report is consistent and supported.
- Prepare in advance: Take advantage of the extension to coordinate internally and with your tax advisors for a timely report.
TPC Group Assistance
At TPC Group, we understand the importance of complying with international tax obligations.
Our specialized Transfer Pricing team can assist you in preparing and filing your Country-by-Country Report.
Contact us to ensure your company’s tax compliance!
Source: Siempre al Día
