The OECD has released a new XML 2.0 schema which will affect Country–by–Country reporting. If your financial year ends on December 31st you likely need to use the new schema when you file your CbC reporting.
You will need to implement and test the new schema well before the year-end to ensure that you are ready for filing by the latest December 31st. There are several changes in the new schema that will require you to update your XML generator. You need to:
- Implement additional choices.
- Implement stricter validation in several places.
- Add new data input fields.
Further changes may be required in the coming years as a result of the current review of Country-by-Country reporting. Read more here.
Blika can help manage your filing according to the new schema for your country, as well as implementing the solution long before the year-end. Do not hesitate to get in touch at email@example.com if you would like to set up a demo. In the demo we will show you how we can automate the process from collection and automatic verification, to comprehensive analysis and conversion to the required filing format.