TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

OECD issues standardised electronic format for exchange of Country by Country Reports

The OECD has released its standardised electronic format for the exchange of Country-by-Country (CbC) Reports between jurisdictions – the CbC XML Schema – as well as the related User Guide.

A schema is a data structure for electronically holding and transmitting information. XML, ‘extensible markup language’, is commonly used for this purpose. Examples are the OECD’s Common Reporting Standard XML Schema, the United States’ FATCA XML Schema and the European Union’s Fisc 153 format.

The information to be included in the CbC Report will be collected by the country of residence of the Reporting Entity for the MNE group, and will then be exchanged under the relevant international exchange of information agreement, in particular the Multilateral Competent Authority Agreement on the Exchange of CbC Reports (the “CbC MCAA”), in the format of the CbC XML Schema. First exchanges of CbC Reports will start in 2018, with information for the year 2016. Country-by-Country reporting does not apply to groups with annual consolidated revenue in the immediately preceding fiscal year of less than €750 million.