How to efficiently manage data collection and reporting processes with Tax Authorities?
In order to comply with the new Country by Country Reporting requirements, introduced by the OECD (Organisation for Economic Co-operation and Development) directives in the field of international tax transparency, it is necessary to adopt dedicated tools able to organise data collection, analyse results and prepare reports to be sent to Inland Revenue.
What is Country by Country Reporting?
Country by Country Reporting is a tool aimed at optimising reporting activities to Tax Authorities.This solution offers digital support to the management of the activities of uploading accounting data, by single entity or in aggregate form, and in the approval of data, allowing the preparation of control reports compliant with the requirements expressed by the Tax Authorities.
Is Country by Country Reporting the right tool for you?
Country by Country Reporting aims to support parent companies of multinationals with annual consolidated revenues of € 750 million or more, which from January 1, 2016 are subject to annual Country by Country Reporting (CbCR)
Features and Benefits
Effective reporting that allows mapping of accounts and loading of accounting data into the system by consolidation groups.
Simplification of data collection by individual entities, supporting the activities associated with data management, from data entry through to approval and historicisation of the data collected.
- Checking the consistency and coherence of the control report that will be sent to the competent authorities, ensuring compliance with the request.
- Support the company in adapting to the new requirements, integrating fiscal and operational expertise.
- It catalogues individual business entities, manages task deadlines by activating reminders for individual tasks and uses a dashboard to monitor the progress of the process.
- It converts local currencies into the consolidation currency (Euro) and manages different scenarios for simulations.
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