A recent mandate from the OECD calls on large, multi-national companies to report financials annually for each country in which they do business to their local tax authority. The OECD requires that this detailed Country by Country (CbC) Report be filed in XML document according to their reporting schema. But for tax departments that work largely in Excel, this provides a significant stumbling block – and companies are scrambling to meet the requirements by the end of 2017.
The new CbC Reporting Solution from Altova takes the pain out of meeting the mandate by automatically generating valid, properly formatted CbC XML reports based on data either entered manually – or imported directly from Excel. Let’s take a look at how it works.