The salient features of the Country-By-Country Report and Master File rules are as under:
- The threshold for the Country-By-Country Report is total consolidated group revenue of Rs. 5,500 crore or more.
- The threshold for the Master File is consolidated group revenue exceeding Rs. 500 crore and either the aggregate value of international transactions as per the books of accounts exceeding Rs. 50 crore or aggregate value of international transactions in respect of intangible property exceeding Rs. 10 crore.
- Report of Master File has to be submitted in Form 3CEAA and the Country-by-Country Report in Form 3CEAD.
- An international group having multiple Indian constituent entities may designate one constituent entity to file the Master File.
- Part A of Form 3CEAA is to be filled by every constituent entity of an international group regardless of whether it qualifies under the threshold for furnishing Master File. However, to reduce the compliance burden, such international group having multiple Indian constituent entities can designate one constituent entity to file Part A on its behalf.
- Form 3CEAD for furnishing Country-by-Country Report follows OECD template.