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
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