Managing country-by-country reporting requirements
Country-by-country reporting according to BEPS Action 13
The OECD has provided the final BEPS report on Action 13 dealing with CbCR in October 2015. Multinational Enterprises (MNE) with group revenues exceeding a predefined threshold (i.e. EUR 750 million) have to take action and implement an adequate CbC Reporting for fiscal years starting on or after 1st January 2016. The first CbC reports must be filed in 2017. Gathering and aggregating the CbCR data and ascertaining the accuracy, consistency and appropriateness of that information will be key for any MNE‘s data capturing process and technical solution.
Factors influencing the individual Country-by-country reporting
- MNEs differ in their documentation approach depending on size, complexity and structure of the group: individual road map
- One of the most important challenges MNEs are facing is the collection and collation of the information required for the CbC report from their various systems across the globe: cost efficient approach
- MNEs will need to review their CbC reporting and processes to produce them in a consistent and cost-efficient way: risk reduction
How can we help?
EY developed a comprehensive CbC Reporting tool “CbCR Web” that helps you streamline your internal processes and generate CbC Reporting data to be in compliance with the CbC Reporting requirements under BEPS Action 13.
CbCR Web is an integrated IT tool for the preparation of BEPS 13-related CbC Reporting. It flexibly adjust to your requirements and assists you in collecting and comfortably displaying the CbC Reporting data for the whole group with only one click.
Key features and main benefits:
- CbCR Web supports users through predefined workflows with data collection, data validation and data analysis.
- CbCR Web is a standardized and well established IT tool which can be adapted to your needs.
- CbCR Web can be integrated into an existing IT environment by implementing automatic data interfaces.
- CbCR Web provides for various evaluations to monitor the reporting process and ensures compliance with the CbCR requirements.