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Presented by: Mohit Jain and Megha Chopra, Genpact
Country-by-Country reporting (CbC reporting) is one of the four minimum standards of the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project to which all countries have committed, covering the tax residence jurisdictions of nearly all multinational enterprises (MNE). We would like to discuss the challenges such as different tax rules, manual processes, decentralized information, and lack of integration while implementing CbC reporting.
Using TRCS – CbC reporting, customers were able to provide an annual return detailing key elements of the financial statements by jurisdiction. The report provides local tax authorities visibility for revenue, income, tax paid and accrued, employment, capital, retained earnings, tangible assets, and activities.
By the end of this session attendees will have learned about:
• Setting the CbCR parent entity
• CbC reporting data entry tables
• CbC reporting summary
• Filing CbC reports
• CbCR risk assessment dashboards
• Reviewing CbCR data status
• Validating and submitting CbC reports
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