The UK tax authority has updated the country-by-country (CbC) reporting schema to XML 2.0 for submissions to HM Revenue & Customs (HMRC). All CbC reports must use the new 2.0 XML format and submitted to HMRC on or after 1 January 2021.
The Organization for Economic Co-operation and Development (OECD) issued a new version of the XML Schema version 2.0 for CbC reporting in June 2019. The country-by-country (CbC) reporting requirement is part of the OECD’s base erosion and profit shifting (BEPS) Action 13 and applies to multinational enterprise (MNE) groups with accumulated revenue of at least EUR 750 million.
