The Secretary of State for the Treasury announced last January that Spain will follow the BEPS report released by the OECD and introduce a new obligation of information for those companies with revenues higher than EUR 750 million
Specifically, this obligation will be materialized with the so-called Country-by-Country report, in which the multinationals that surpass the above-mentioned threshold will have to submit to the Spanish tax authorities amongst other the following concepts per country: revenues, tax paid and earnings.
The Country-by-Country report will come into force on 1 January 2016 and will be regulated by the new Corporate Tax Income Regulations that will be adopted hopefully on the first half of this year.
The aim of this report is to tackle the growing problem of tax erosion of the tax base and the transfer of benefits. This strategy makes it possible to analyze more rigourously and transparency the transfer pricing policy practiced by multinationals, that is, the value assigned to big business transactions between company groups.