Country by Country Reporting (CbC)

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Country by Country Reporting (CbC) is the result of the Base Erosion and Profit Shifting (BEPS) Action Plan adopted by the OECD and G20 countries in 2013 which recognised that enhancing transparency for tax administrations by providing them with adequate information to assess high-level transfer pricing and other BEPS-related risks is a crucial aspect for tackling the BEPS problem.

All OECD and G20 countries have subsequently committed to implementing country by country reporting. These measures introduce a new statutory requirement for multinational enterprises (MNEs) to make an annual Country-by-Country (CbC) Report using the prescribed template and filing in XML to the local Revenue Authorities for each tax jurisdiction in which they do business.

Country by Country Parent Page Screenshot

CONTENTS.

Country by Country Reporting (CbC) involves the reporting of;

  • information on the allocation of income, taxes and business activities by tax jurisdiction, and
  • in each tax jurisdiction, the list of constituent entities and their main business activities.

Additional information can also be reported that is considered necessary to facilitate the understanding of the compulsory information.

A Multilateral Competent Authority Agreement (MCAA) on the Exchange of CbC reports was prepared and opened for signatures of interested parties. To date, it has been signed by over 30 countries.

CBC XML SCHEMAS.

XML Authority’s schema library contains the OECD Country by Country Reporting (CbC) XML schema and local jurisdiction variations.

CbC Schema in the Schema Library

SIMPLIFY REPORTING.

XML Authority’s intuitive user interface makes producing valid Country by Country Reporting XML filings easy with little or no training.

The user guide provided by the OECD can be difficult to interpret.  Using XML Authority’s simple presentation of the schema as a set of forms and tables, a detailed understanding of the data requirements can be gained at a glance.

HIDE COMPLEXITY.

Reports can be further simplified by eliminating non-relevant sections using the Schema Masking functionality.

Easly hide non-mandatory elements (individual reporting elements or entire report sections) which not only simplifies the schema layout but also reduces the complexity of your required import data.

Masking of CbC Schema
Integrate to Data in Excel or Relational Database

AUTOMATE AND REDUCE ERRORS.

Save time and reduce errors by importing data from XML Authority generated Microsoft Excel import templates or linking to data in relational databases.

Create a set of related tables from which to read data which conform to the Country by Country Reporting schema using database scripts generated by XML Authority itself.

ACCURATE REPORTING.

Be assured that your data is in compliance with the requirements of the schema through XML Authority’s validation functionality.

Get real-time feedback on the validity of data input and use the interactive Validations panel to help find and navigate to issues which would cause rejection at your local Tax Authority’s submission gateway.

 

CbC Validation

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