Introduction Details of the Section
2.Subsection (1) introduces a power to make regulations to implement country-by-country reporting.
3.Subsection (2) defines country-by-country reporting by reference to guidance published by the OECD.
4.Subsection (3) provides that the Treasury may modify the way in which the country-by-country reporting requirement is implemented.
5.Subsection (4) and subsection (6) set out particular matters which may be dealt with by regulations, including who will be required to make the report, the timing and form of the report, and penalties for failing to comply with the regulations.
6.Subsection (5) enables the regulations to allow certain requirements, obligations or other provisions within subsection (4) to be made by directions given by the Commissioners of HM Revenue & Customs.
7.Subsection (8) provides that the regulations will be made by statutory instrument. The regulations will be subject to negative procedure.