COUNTRY BY COUNTRY REPORTING

Delivering the level of detail and data exchange required to support Country-by-Country Reporting. Centralise processes for CbCR, validate against latest rules and check data for completeness to reduce the risk around submission.

OVERVIEW

Country-by-Country Reporting has come into effect with both the UK and Irish tax Authorities now providing filing facilities for the receipt of Country-by-Country Reports for fiscal years beginning on or after 1 January 2016.

Multinational enterprises (MNEs) which have annual consolidated group revenue of €750 million or more in the preceding fiscal year are required to submit Country-by-Country Reports (CbCR) providing a breakdown of the amount of revenue, profits, taxes and other indicators of economic activities for each jurisdiction in which the MNE does business.  

The CbCR must be filed in the tax jurisdiction where the ultimate parent entity (or surrogate/EU designated parent entity) of the MNE Group is tax resident. 

These developments aim to improve transparency for tax administrations by providing them with adequate information to conduct transfer pricing risk assessments. This means that MNEs need to deliver accurate reports. Existing processes and resources often struggle to support the level of detail and data exchange required to deliver Country-by-Country Reporting. 
 

HOW WE HELP:

Our solution supports the whole CbCR process and allows you to prepare and submit accurate XML Country-by-Country reports to the relevant tax authorities, while providing a clear audit trail of where all data was sourced from and a PDF containing a human-readable summary of what has been included in the final XML submission.


 

SOFTWARE SOLUTION

Tax System’s automated AlphaCbCR engine delivers a secure cloud-based solution which manages the collection and aggregation of relevant data across each country within a global business by bringing all information into a single location. The intuitive dashboard delivers live updates which provide real-time analysis of CbCR data, workloads and the status of the global business situation, allowing the business to understand any areas of risk which may appear.

AlphaCbCR supports the global implementation of HMRC and the Irish Revenue Country-by-Country Reporting schema, to deliver an accurate report for your required jurisdiction.

The solution has been developed specifically for Tax and Compliance departments to replace spreadsheets and to automate processes previously based on information consolidation by email or phone call.

THIS SOLUTION IS ALSO AVAILABLE AS A SERVICE FROM TAX SYSTEMS.

KEY BENEFITS
  • Centralises all processes for CbCR to save time and cost around internal resourcing and allow for the redeployment of tax professionals to focus on value add tasks

  • Keeps control of the end-to-end compliance process in-house as opposed to outsourcing to 3rd parties

  • Validates against latest rules, checks data for completeness to ensure quality in order to reduce the risk around submission

  • Can feed into business reporting to add value to the business and contribute to strategic planning

  • Mitigates risks associated with creating a group report 

  • Intuitive and user-friendly interface which adjusts to any screen size for anytime, anywhere, any device access.

THIS SOLUTION IS ALSO AVAILABLE AS A SERVICE FROM TAX SYSTEMS.