DataTracks launches service and software to fulfil Country-by-Country Reporting (CbCR) requirements by Multi-National Enterprises (MNEs) for filing with HMRC in the UK and with other tax regulators across the globe.
CbC Reporting is increasingly mandated by various tax regulators. CbC reports are prepared in accordance with the CbC XML Schema. This will assist tax administrations worldwide to get the complete picture of income and taxes paid globally by the MNE groups.
In the UK, HMRC has initiated a preparatory filing to be filed by MNEs in 2017. Multi-national groups of companies who have at least one office based in the UK and a consolidated revenue of € 750 million or above, must file CbC report or notify HMRC.
DataTracks, as it is known for, provides flexibility to its customers who can choose between outsourced services, or subscribe to the cloud-hosted software and prepare the report in-house. The services and software are competitively priced.
DataTracks has introduced an advanced web-based CbC cloud application that will help the multi-national enterprises to meet their Country-by-Country Reporting requirements. The highlights of DataTracks offerings are:
- Turnaround time for services within 3 business days
- Ability to collect data from global stakeholders easily
- Inclusion of OECD approved XML schema plus the local tax regulator’s additional requirements
- Validation checks on data according to the prescribed global guidance
- Updating of schema changes based on the adopted country’s regulations
- In case of service, provide gap analysis on the inputs supplied and alert for necessary corrections
“The application was developed keeping in mind certain important aspects benefiting the MNEs, and our experts are also ready to provide services for CbC Reporting across the globe”, said Balaji Muthukrishnan, VP Business Development at DataTracks.