‘Country-by-Country reporting? It all starts with data gathering!’
When the OECD commission presented the various Action reports on Base Erosion and Profit Shifting (BEPS) to the world, the Netherlands was one of the first nations to implement action 13 into their legislation. Furthermore, where most of the involved jurisdictions are in debate on the various action points, the implementation of the country-by-country documentation is mainly accepted (for example the US have put a hold on most of the action items but acknowledge the Country-by-Country reporting action point to be implemented).
Although it is clear what information is required to be compliant, the challenge lies in gathering the data within your organisation. Why are talks mainly about the analysis to be performed on the data? Moreover, since this is still a grey area which is currently based on assumptions made on the issued reports by the OECD.
How are you gathering the data?
Wouldn’t it be great to have a centralized environment from where:
1. you can send out a data-request to all involved parties within minutes?
2. you can monitor the status of the requests and remind people of their tasks?
3. you can gather the data automatically in a controlled environment and most of all consolidate the data by a push of a button?
Impossible and time-consuming?
Let’s talk about the elephant in the room, let’s discuss data gathering and data management!