Arkk Solutions: Survey Shows Senior Tax Managers Are Lacking Clarity Over Country by Country Reporting Submissions
LONDON, August 22, 2017 /PRNewswire/ --
- The XML conversion remains one of the biggest challenges facing filers
- The majority of senior tax managers are concerned that there be no additional business benefit for the OECD measurement
- 78% of surveyed firms feel 'somewhat prepared' for the reporting requirement, however none have selected their XML conversion solution
Respondents to Arkk Solutions' Country by Country Reporting survey shows that MNE's are at varied stages of readiness. 46% felt that aggregating the data for OECD template population would be the greatest challenge, followed by 29% concerned about producing the XML report, and 25% unsure how to obtain data from subsidiaries. Firms also vary in the time they've been working on the submission; whilst 30% began in 2015 and 2017, 40% of respondents started work on their CbC Report last year.
In terms of local tax authorities, an overwhelming number (94%) felt that guidance is not clear enough around the submissions process. Respondents commented that the measurement "feels rushed", and that local tax authorities were not providing more than "a repetition of the OECD guidelines". All respondents expressed concerns that the broader measurement would not offer any benefit beyond completing a regulatory requirement. Country by Country differs from day-to-day management reporting, and some feel that submission will divert attention away from year-end activities.
Whilst 97% of respondents were aware of the XML submission format, none had selected a vendor for conversion. To submit to HMRC by December 31st, the final report must use the latest XML schema and be free from validation errors.
You can view the full results here.
The first Country by Country Reporting deadline is December 31st. Firms filing in the UK this year must submit intent to file to HMRC by September 1st.
About Arkk Solutions
Arkk's mission is to help firms comply with regulations and strive to make financial reporting simple. Our clients include banks, multi-nationals and members of the FTSE 350. All of our customers experience our high-quality solutions and world-class customer support.
We believe in simple and robust solutions, and our Country by Country Reporting tool allows you to convert your data to XML in one click. All you need to do is populate the Excel template, and our cloud based conversion technology does the rest.
Contact: enquiries@arkksolutions.com
Phone: +44-0207-036 2758
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