On August 15, the HMRC published guidance on country-by-country reporting titled as “Check if you must send a country-by-country report” and "Country-by-Country XML Schema Guidance." The XML Schema Guide provides information on specific data elements and any attributes that describe that data element.
The reporting requirements apply to multinational groups with a consolidated revenue of €750 million or more in the relevant accounting period or equivalent. HMRC provides information on the qualifying criteria, and other areas, in the International Exchange of Information Manual.
For HMRC’s purposes, you will have to send your group’s country-by-country report if you are any of the following:
The guidelines explain what information needs to be included in each CbC data element to be reported to HMRC in the CbC XML Schema v. 1.0. It also contains guidance on how to make corrections to data items within a file that can be processed automatically, and error codes associated with certain data elements of the XML Schema.
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