The U.S. IRS has released a draft revenue procedure (Rev. Proc. 2017-23) that describes the process for filing Form 8975, Country-by-Country Report, by ultimate parent entities of U.S. MNE groups for reporting periods beginning on or after 1 January 2016 but before 30 June 2016 (the effective date of the U.S. CbC reporting requirements). Rev. Proc. 2017-23 it to be officially published on 13 February 2017. The purpose of voluntarily filing for earlier periods is that most countries that have adopted CbC reporting requirements apply the requirements from 1 January 2016. To enable compliance with the CbC reporting requirements already...