A recent mandate from the OECD calls on large, multi-national companies to report financials annually for each country in which they do business to their local tax authority. The OECD requires that this detailed Country by Country (CbC) Report be filed in XML document according to their reporting schema. But for tax departments that work largely in Excel, this provides a significant stumbling block – and companies are scrambling to meet the requirements by the end of 2017.
The new CbC Reporting Solution from Altova takes the pain out of meeting the mandate by automatically generating valid, properly formatted CbC XML reports based on data either entered manually – or imported directly from Excel. Let’s take a look at how it works.
Altova CbC Reporting Solution
The Altova CbC Reporting Solution makes it easy for non-technical business users to automatically generate XML reports for filing with their tax authorities. Advantages of the solution include:
- Created based on Altova’s 20+ years of experience in the XML field
- Built-in data validation and error flagging at multiple steps
- Easy for non-technical users to operate
- Automatically generates valid XML CbC report
- Accepts manually entered data or uploaded Excel data
- Includes Excel template for defining recurrent reporting
- Solution is installed in customer’s IT infrastructure – sensitive data remains internal
- No black box: customer can access and review actual XML report, if desired
Creating the CbC Report
The reporting solution guides users as they enter information with descriptions of each field, required fields highlighted, and drop-down menus populated with valid entries. Once you’ve entered the Organization details, you can create a new report or view existing reports that already exist for your company.
As you can see, you can create a new report and enter data manually – or, for large multinationals with several entities on which to report, you can download an Excel template for importing the data.
For manual data entry, the CbC Reporting Solution guides the user through the process.
Tabs for Message Information, Reporting Entity, Report Data, and Additional Information are easy to navigate and understand.
An organization will enter the list of countries where they have a business presence, along with the corresponding data, as well as data about each subsidiary company in each country. They simply click the “Add Country” button as many times as required.
The Verify button allows the user to verify that information is valid at any time during the entry process, helping them identify and address errors immediately.
When data entry is complete, the user can save the report and click Existing Reports for more options, including generating the XML CbC report based on the entered data.
Once it’s generated, the XML file can be saved for filing. The user can also open it – either in an XML editor such as XMLSpy or Notepad – if desired, to explore the generated XML.
Generate CbC XML from Excel
To streamline this process even further, companies or tax preparers can prepare report data in an Excel file– which is likely where they already have this data – using our Excel template.
The Excel template includes some built-in data validation functionality, as well as entry helpers that speed data entry.
It’s also easy to link the fields from the company’s existing Excel documents to the template, instead of entering the fields manually. This way, typing errors are prevented, and the template data will be updated automatically with any change in the source data.
When data is complete, the user can save the spreadsheet as XML Data (*.xml) and import the resulting XML file to the Report Data tab using the Import from Excel button.
Data Remains In-House
Because companies install the Altova CbC Reporting Solution in-house, all sensitive data remains on the client premises or within bounds of its IT infrastructure during report creation.
Interactive Online Demo
We’ve created an online demo at https://cbc-reporting.altova.com to let users see how easy it is to navigate and use the Altova CbC Reporting Solution. Users can access all the tool’s functionality, click around in the various views, and enter dummy data to get a feel for its ease-of-use.
Please note: Chrome or Firefox are recommended for this demo.
You can also view a quick video that demonstrates how the solution works:
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You may contact us with questions at firstname.lastname@example.org
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