🌐 Global Tax Brief: OECD CbC Reporting Errors, BEPS in Hong Kong & DAC8 in Denmark

 


World Tax News brings you the latest global tax developments. This week’s highlights: the OECD reports common errors in MNE Country-by-Country (CbC) reporting, Hong Kong implements BEPS 2.0 rules, and Denmark adopts DAC8 crypto tax measures.

🧾 OECD Reports Common Errors in CbC Reporting

The OECD has issued a comprehensive report detailing frequent mistakes found in CbC reports filed by Multinational Enterprise (MNE) groups.

📄 Read the full OECD report (PDF)

Key Issues Identified:

  • Duplicate or missing Tax Identification Numbers (TINs)

  • Using multiple currencies instead of one

  • Mismatched related/unrelated party revenue totals

  • Inappropriate inclusion of intra-group dividends in profit

  • Omission of non-consolidated but reportable entities

These errors can lead to audit triggers, penalties, and cross-border tax risks.

💼 Need help with your CbC compliance?
Visit Laudable Legal Solutions for expert consultation on MNE tax reporting.

🇭🇰 Hong Kong Adopts Global Minimum Tax Law

Hong Kong has passed the Inland Revenue (Amendment) (Minimum Tax for Multinational Enterprise Groups) Bill 2024, introducing the 15% global minimum tax under BEPS 2.0 Pillar Two.

🔗 Read Hong Kong’s Inland Revenue Press Release

Highlights:

  • Effective January 1, 2025

  • Applies to MNEs with global revenue ≥ €750 million

  • Implements the Income Inclusion Rule (IIR) and Hong Kong Minimum Top-up Tax (HKMTT)

This law helps Hong Kong align with international tax standards and ensures local taxing rights on untaxed foreign profits.

🇩🇰 Denmark Implements DAC8 Crypto Reporting Law

Denmark has enacted Law No. 409, implementing the EU DAC8 directive focused on crypto-asset tax reporting.

🔗 Read the full law on Retsinformation

Key Features:

  • Targets crypto exchanges, wallet services, and NFT platforms

  • Requires due diligence and reporting of digital asset transactions

  • Supports automatic exchange of crypto info across EU states

  • Effective from May 1, 2025, with full compliance by 2026

This law strengthens transparency in the fast-growing crypto space and aligns with the EU’s digital economy oversight goals.

🔍 What It Means for Businesses

From OECD oversight to domestic and EU legislation, these developments highlight the urgent need for tax transparency and global compliance. Whether you're an MNE or a digital asset provider, these changes are not optional—they're essential.

✅ Get Expert Tax Compliance Help

Laudable Legal Solutions can help you stay ahead with:

  • CbC Report Reviews & Filing

  • Cross-Border Tax Structuring

📩 +91 7410791506 - Contact us today for a consultation.

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