UK: Updated country-by-country reporting schema

UK: Updated country-by-country reporting schema

The country-by-country (CbC) reporting schema has been updated to XML 2.0 for submissions to HM Revenue & Customs (HMRC).

1000

Related content

All CbC reports submitted to HMRC on or after 1 January 2021 must use the new 2.0 XML format.

The OECD published a new version of the XML Schema (version 2.0) for CbC reporting in June 2019. The CbC reporting regime is part of the OECD's base erosion and profit shifting (BEPS) Action 13 and applies to multinational enterprise (MNE) groups with combined revenue of €750 million or more.

The change affects all large MNE groups required to submit a CbC report under the UK's CbC reporting regime.

There is no change to the key financial data required in Table 1 of the CbC report and the changes to version 2.0 are minor admin changes. The key changes for UK CbC tax filings are:

  • The “Reporting Period Start” field is mandatory to complete.
  • The “Reporting Role” needs to be specified and accepted values are:
    • Ultimate parent entity
    • Surrogate parent entity
    • Local filing in the framework of an international exchange
    • Local filing with incomplete information
  • There is a new field in Table 2 (Ultimate Parent Entity Role). This is an optional field designed so that the reporting entity can be identified among the constituent entities. Accepted values are:
    • Ultimate parent entity
    • Reporting entity
    • Both the ultimate parent entity and reporting entity
  • An address for every constituent entity in Table 2 is required—including the city (at a minimum).

Read a March 2021 report prepared by the KPMG member firm in the UK

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal