DataTracks Oxbow for CbCR Reporting
DataTracks Oxbow for CbCR Reporting
DataTracks Oxbow for CbCR Reporting
In international business, transparency is now the need of the hour as the tax landscape goes through multiple changes. The equitable and unprejudiced payment of taxes on the part of multinationals in countries they operate and operate in is constantly under the vigilance of the media, NGOs and lobby groups. In this scenario, mandatory legislation for a Country by Country reporting of financial and tax data is being implemented and encouraged.
Country-by-Country Reporting (CbCR)
Country-by-Country (CbC) is a report that has been mandated under Base Erosion and Profit Shifting (BEPS) Action Plan 13 wherein every multinational is provided a template to report their annual numbers and tax liabilities. Most times, this allows the companies an avenue to draw up careful strategies to move profits from higher–tax jurisdictions to lower–tax jurisdictions. The CbC report breaks down key elements of the financial statements to be submitted by multinationals by jurisdiction. MNE Groups are to provide the global allocation of their income, taxes and other locational indicators of economic activity. This unique information on MNE Groups’ operations across the world, they believe, will improve tax authorities’ risk-assessment capabilities.
There are as many as 60 jurisdictions among members of the IF (Inclusive Framework). These jurisdictions have taken initiatives for a CbC reporting system commencing in 2016. On November 5th this year, the OECD brought out additional interpretative guidance relating to the country-by-country (CbC) reporting requirement to help MNE Groups avoid common errors made in preparing CbC reports.
DataTracks Oxbow for CbCR Reporting
With DataTracks Oxbow users can perform complex regulatory submissions with ease. Regulations such as FATCA, CRS, CBCR and MIFID are covered. Generates fully valid outputs in formats such as XML. Aim is to make the regulatory filing process a seamless and hassle-free experience for users.
The latest version of DataTracks Oxbow is an AI-driven automated MTD for VAT conversion tool with a capability to generate XBRL files in under 15 minutes, with full compliance and uncompromised accuracy.
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How do I register for DataTracks service?
You must sign up with us on our website by providing some preliminary information about yourself. You may choose your username and password to access your user login. You must place your tagging requests and retrieve the XBRL outputs through this login. You can register on behalf of a company, or a firm of Chartered Accountants, Cost & Management Accountants or Company Secretaries
How do I request XBRL conversion?
You must sign up with us on our website by providing some preliminary information about yourself. You may choose your username and password to access your user login. You must place your tagging requests and retrieve the XBRL outputs through this login. You can register on behalf of a company, or a firm of Chartered Accountants, Cost & Management Accountants or Company Secretaries
How do I pay for DataTracks services?
You must sign up with us on our website by providing some preliminary information about yourself. You may choose your username and password to access your user login. You must place your tagging requests and retrieve the XBRL outputs through this login. You can register on behalf of a company, or a firm of Chartered Accountants, Cost & Management Accountants or Company Secretaries
Why was my credit card declined? Can I give you my credit card number over the phone?
You must sign up with us on our website by providing some preliminary information about yourself. You may choose your username and password to access your user login. You must place your tagging requests and retrieve the XBRL outputs through this login. You can register on behalf of a company, or a firm of Chartered Accountants, Cost & Management Accountants or Company Secretaries
