CbC Reporting is a part of Action 13 of the OECD/G20 Base Erosion and Profit Shifting (“BEPS”) Action Plan and the EU Commission’s Anti-Tax Avoidance Package. CbCR requirements apply to MNE Groups with consolidated group revenue of €750 million or higher in the immediately preceding fiscal year. Below are the constituent entities that are required to file CbC Reports in Ireland with effect from 1 January 2016,
- An Irish tax resident ultimate parent entity of an MNE Group
- An Irish tax resident surrogate parent entity of an MNE Group and
- An Irish tax resident EU designated entity of an MNE Group.
- March 2015
HMRC announced its vision of MTD
- August 2016
HMRC lanunched consultations on MTD
- July 2017
MTD for Businesses re-introduced with new timetable for implementation
- July 2018
HMRC closed beta trial commences
- April 2019
HMRC mandated VAT registered businesses above the annual threshold (£85k) to submit in MTD route
- April 2021
HMRC may mandate for all other VAT registered businesses and for other taxes such as Corporation tax
iXBRL Tagging for CT1 Filing
Companies required to prepare accounts under the Companies Act 2014 must submit financial statements to Revenue in iXBRL format along with their Corporation Tax Returns. Revenue mandated the iXBRL submission in phases, with Phase 1 and 2 already commissioned, further phases are expected to be mandated in near future for all corporation tax payers.
iXBRL filing Criteria
As per revenue phase II filing obligation, a company is required to file iXBRL financial statements with CT1, if they fall under any of the following criteria
- The Statement of Financial Position or Balance Sheet Total of the company does not exceed €4.4 million
- The turnover of the company does not exceed €8.8 million
- The average number of persons employed by the company does not exceed 50
Cloud Solutions for EBA, ESMA and EIOPA
Listed companies, Investment firms, Banks, Insurance and Reinsurance companies in the European Union have to submit regulatory reports as mandated by directives of ESMA, EIOPA and EBA. DataTracks provides solutions to help comply with the requirements of various local and apex regulators across the EU.
DataTracks is extremely efficient and provides top level customer service. The company I work for have been using them for a while now and have never been let down. The website is clear to navigate and easy to use. If I ever have any questions or queries I contact their customer service department and am always met by incredibly helpful and knowledgeable staff.
We have been engaging DataTracks for our group's XBRL file preparation for the past 4 years. DataTracks offers quality and timely services without fail. Its automated programming software reduces human error and produces quality work. DataTracks improved its services based on our feedback given after yearly review. DataTracks managed to solve our issues raised and we are pretty satisfied of the improvement done.
DataTracks have proven to be professional and timely in the delivery of its solution. Our company chose DataTracks to fully automate its COREP Appendix 2C returns. Within the set project timelines the returns were fully automated with minimal manual intervention where required to populate. The main and most important benefit is that more time can now be allocated to review and reconcile the results rather than compile the returns.
As a small business and not being very computer literate, I have found DataTracks very supportive and helpful and delivered on time as agreed at the time of submission. Your staff are to be congratulated.
I have encountered very helpful and enthusiastic staff members. They have all been brilliant in assisting with Making Tax Digital for VAT. I look forward to working with the team in many more years to come!