A recent mandate from the OECD called on large, multinational companies to report financials annually for each country in which they do business to their local tax authority. The OECD specified that this detailed Country by Country (CbC) Report be filed in an XML document according to their reporting schema. But for tax departments that work largely in Excel or other accounting software, this presented a significant stumbling block – and companies found themselves scrambling to meet the requirements by the deadline.
What was needed is a way to automatically generate valid, properly formatted CbC XML reports based on existing data. Altova created the Country by Country Reporting Solution to do just that, either based on manually entered data or figures imported directly from Excel. Let’s take a look at how it works.