HM Revenue & Customs (HMRC) on 15 August 2017 released guidance confirming the format and method of filing country-by-country (CbC) reports that are due in the UK.
CbC reports must be prepared using the XML schema format provided by the OECD, but there is a UK procedure that must be followed. Accordingly, CbC reports due to be filed in the UK must be filed using the HMRC reporting service, which is expected to be available soon. Only reports in this approved format will be accepted for electronic filing by HMRC.
Along with confirming the schema format required for CbC reports being filed in the UK, guidance on preparing and filing the reports was published, covering recent updates to the HMRC International Exchange of Information Manual including:
Note that the XML file will require a tax identification number (TIN) for each “constituent entity” in the CbC report; thus, groups need to consider steps to start to collate this information now.
Read an August 2017 report prepared by the KPMG member firm in the UK
© 2018 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.