Tag: OECD
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Convention on combating bribery of foreign public officials in international business transactions
PREAMBLE The Parties, Considering that bribery is a widespread phenomenon in international business transactions, including trade and investment, which raises serious moral and political concerns, undermines good governance and economic development, and distorts international competitive conditions; Considering that all countries share a responsibility to combat bribery in international business transactions; Having regard to the Revised Recommendation on Combating…
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How can I automate the data extraction process for the CbC report
Here are the key steps to automate the data extraction process for the Country-by-Country (CbC) report: Automated Data Extraction Extract Data Directly from ERP Systems Develop scripts or utilize data integration tools to automatically extract the relevant tax data directly from the company’s ERP systems This includes data on sales, income, profits, taxes, employees, and…
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ESG criteria and their importance
Several decades ago, the concept of sustainable investment began to gain popularity; that which, for various reasons, was considered ethical, sustainable, and/or pursued a global benefit for all parties involved, not just economic. The parameters used to consider an investment as sustainable are what is known as ESG criteria. Its origin dates back to the…
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Optimizing Business Strategy: Benefits of Gathering Information for the Country by Country Report
In today’s business world, transparency and efficient information management are crucial for long-term success. While some organizations may not be required to submit the Country by Country Report (CbCR) according to tax regulations, collecting the necessary information to prepare this report can bring a range of significant benefits that go beyond regulatory compliance. 1. Enhancing…
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Country-by-Country Reporting: effective implementation
Ad. The Transfer Pricing Documentation and Country-by Country Reporting, Action 13 – 2015 Final Report (Action 13 Report, OECD 2015) introduced a standardised three- tiered approach to transfer pricing documentation for multinational enterprises (MNEs) consisting of a master file, a local file, and an obligation on certain MNE groups to annually file a Country-by-Country Report…
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Common errors made by MNEs in preparing Country-by-Country reports
Country-by-Country (CbC) reports contain valuable information on the global allocation of the income, taxes paid and the location of economic activity among tax jurisdictions in which an MNE group operates, for use in a high level transfer pricing risk assessment, assessment of other BEPS-related risks, and economic and statistical analysis, if appropriate. However, this information…
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Country-by-Country Reporting XML Schema
Action 13 of the OECD’s Action Plan on Base Erosion and Profit Shifting (BEPS) requires the development of “rules regarding transfer pricing documentation to enhance transparency for tax administration, taking into consideration the compliance costs for business. The rules to be developed will include a requirement that MNEs provide all relevant governments with needed information…
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Convention on Mutual Administrative Assistance in Tax Matters
The Convention on Mutual Administrative Assistance in Tax Matters (“the Convention“) was developed jointly by the OECD and the Council of Europe in 1988 and amended by Protocol in 2010. The Convention is the most comprehensive multilateral instrument available for all forms of tax co-operation to tackle tax evasion and avoidance. The Convention facilitates international co-operation for…
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Compilation of approaches adopted by jurisdictions
OECD Guidance on the Implementation of Country-by-Country Reporting contains a number of items of interpretative guidance prepared in response to questions raised by tax authorities and business on aspects of the BEPS Action 13 minimum standard. Several of these items of guidance provide flexibility for jurisdictions to take different approaches including, in particular: (i) whether…
