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the OECD released its standardised electronic format for the exchange of Country-by-Country (CbC) Reports between jurisdictions on March 22, 2016.

22/03/2016 – In a continued effort to boost transparency in international tax matters, the OECD has released its standardised electronic format for the exchange of Country-by-Country (CbC) Reports between jurisdictions on March 22, 2016. The CbC XML Schema, together with its User Guide, is part of the OECD’s work to ensure the swift and efficient implementation of the BEPS measures, endorsed by G20 Leaders as part of the final BEPS package in November 2015.

The CbC XML Schema User Guide further explains the information required to be included in each data element to be reported. It also contains guidance on how to make corrections of data element within a file.

While the CbC XML Schema has been primarily designed to be used for the automatic exchange of CbC Reports between Competent Authorities, the CbC XML Schema can also be relied upon by Reporting Entities for transmitting the CbC Report to their tax authorities, provided the use of the CbC XML Schema is mandated domestically.

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