CbCR
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.
MTD Timeline
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March 2015
HMRC announced its vision of MTD
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August 2016
HMRC lanunched consultations on MTD
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July 2017
MTD for Businesses re-introduced with new timetable for implementation
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July 2018
HMRC closed beta trial commences
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April 2019
HMRC mandated VAT registered businesses above the annual threshold (£85k) to submit in MTD route
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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.
Why DataTracks?
With more than 400,000 compliance reports prepared and with footprints across the globe, DataTracks has become the lingua franca in compliance reporting.
- Honed by an experience of preparing more than 400,000 iXBRL files globally
- Pre-validation with ROS gateway for submission
- Any number of revisions at no additional cost
We have been handling sensitive financial data (in regulatory filings) for more than 19 years.
Security:
Data is securely accessed for iXBRL preparation, from our delivery centers that are certified for ISO 27001:2013 information security standards.
Quality:
DataTracks gets the inputs provided by you, converts into XBRL/ iXBRL documents at its delivery centres that are certified for ISO 9001:2015 quality standards by TUV of Germany.
Controls:
We are audit compliant with service organisation controls as per ISAE 3402 guidelines.
- Easy to use portal
- Competitive prices and desired TAT
- Single point account manager
- Support till you file your tax return
We have expertise in accounting taxonomies based on UK GAAP, IFRS, New UK GAAP (FRS 101, 102), Irish GAAP (FRS 101, FRS 102 and EU IFRS), US GAAP, Singapore FRS and India GAAP. We use our proprietary iXBRL tagging software developed in-house to prepare iXBRL instance documents. We keep the tagging engine updated with changes in taxonomies.
- Servicing 7 of Top 15 accounting firms in the UK and Ireland
- 19+ years track record and over 400,000 filings
- Serving over 28,000 clients
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