Morris has analysed the documents strengths and weaknesses, applauding the areas where consensus has been reached and highlighting the areas where more needs to be done.
Morris acknowledges that while the business sectors concerns over country-by-country reporting and the digital economy have been heard, the potential burden of new reporting requirements are still a major worry.
I think there are concerns about the potential burden of the new reporting requirements. Not just CbCR, but also the significant expansion in transfer pricing documentation (master and local files). The hybrid recommendations are very broad, and many of the details still remain to be worked out.
We also have concerns that there is an enormous amount of work to get through in 2015 in addition to those elements of the 2014 deliverables that have been deferred until next year. We need to do a lot of cooperative work early on to ensure that we do not quickly find ourselves in a time crunch.
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