OECD Tax’s Post

In good tradition, the OECD releases Pillar 2 documents just before a holiday period so everyone has plenty of reading time 😉 This time it’s the draft User Guide for the GloBE Information Return XML Schema. #pillartwo #eytax

🔖 As another step towards a careful walk for #PillarTwo compliance, the #OECD has developed a draft schema in extensible mark-up language (XML) along with a corresponding user guide with a view to ensure consistent and standardised dissemination of information. The information reported through the GIR XML schema (read with the user guide) is designed to facilitate domestic GIR filings and be the technical format for exchanging GIR information between tax administrations, a crucial aspect of targeted compliance. The document (GIR XML schema and User Guide) is now public and open for consultation till 19 August. It can be accessed at this link: https://lnkd.in/gQD_MqFT #internationaltax #BEPS2.0

🗣️ [HAVE YOUR SAY] OECD invites comments on a draft User Guide for the GloBE Information Return XML Schema. In the framework of the Pillar Two project, the OECD is seeking public comments on a draft of the User Guide for the GloBE Information Return (GIR) XML Schema, a tool created to facilitate domestic GIR filings, wherever appropriate, and to be the technical format for exchanging GIR information between tax administrations. 🗓️ Deadline: 19 August 2024 ℹ️📘 More information and access to the public consultation document ➡️ https://oe.cd/5D3 #OECDhaveyoursay #OECDtax #OECD #tax #OECDP2 #GloBE #publicconsultation #internationaltax #taxtransparency #taxadministration #XMLschema #taxpolicy

This post comes in 2 parts: Part 2. 8. Standardise the notification process: the notification deadlines, the notification content (the necessary, not the "I think it will be nice to haves"), and the xml schema (or better still an online pdf which can be filled in and filed from anywhere). 9. Ask for a style sheet that converts the xml file to be filed into a humanly readable document that looks more like Excel so taxpayers can verify that data did not get corrupted during the conversion of that data into xml. Again, if I can do this, so can the OECD and the governments. 10. Ask that countries install help desks with quick turnaround time (3 hours) for MNEs having difficulties with uploading their files. 11. Ask that countries publish and regularly update FAQs on their websites in at least English and that the English assistance is not less than the local assistance (for CbCR I have seen dead links, missing diagrams, outdated files compared to the local language versions). 12. When MNEs do file xml files with errors, allow them (standard procedure), to annul the whole previous filing and upload a whole new xml file in exactly the same was as the first one (same procedure, same everything, except an updated DocRefID). The current CbCR alternative of correcting post by post differs from country to country (again) and (again) over complicates things. In short, ask that the xml conversion and filing is made as standard, and as simple as possible. P2 is difficult enough as is. The mere act of filing should not yet again become a cash cow for external service providers because of unnecessary complexity and diversion. CbCR post https://lnkd.in/dERKdvsU?

🔔🗓️ One month left to contribute to the public consultation on the GloBE Information Return (GIR) XML Schema and User Guide! ⤵️ The OECD/G20 Inclusive Framework on BEPS has developed a draft schema to standardise GIR filings and facilitate information exchange between tax administrations. This is your opportunity to provide valuable input and ensure a consistent approach to capturing GIR information. #OECDhaveyoursay #OECDP2 #OECDtax #OECD #tax

Such consultation is quite helful !!

Draft Pillar Two Return Schema and user guide published for Consultation by OECD! On 10 July 2024, the OECD published a draft XML schema and schema user guide for consultation, relating to the filing and exchange of standardized Pillar Two global minimum tax “GloBE information returns.” The OECD is inviting comments on the draft by 19 August 2024. #P2 #OECD #Deloittetax

The OECD has opened a public consultation on the draft user guide for the GloBE Information Return XML schema. 📅 The consultation is open until 19 August 2024. Take this opportunity to provide your feedback and help shape the future of global tax compliance. 🗨️ Chris Danes, Tax Partner at MHA, says, "Clarity on these complex rules is hugely positive, and business feedback is essential to address the compliance burden." Click here to find out more: https://lnkd.in/estf7vuS #OECD #GloBE #TaxCompliance #BEPS #InternationalTax #Consultation #TaxNews

The first reporting period for the Public CbyC Reporting Directive is swiftly approaching. As at the date of this publication, 19 Member States had finalized the internal legislative process required for implementation of the Directive. This Special Edition EuroTaxFlash summarizes the most recent information on implementation of the new rules into Member States’ domestic legislation, as at the date of its publication. The document outlines whether Member States adopted the opt-in clauses, as well as whether they decided to expand the scope of the rules or the tailor the requirements based on local specifics – such as early adoption, short reporting deadlines or even requirements to translate the CbyC report in local languages. Raluca Enache; Felix Kohlstetter #kpmgtax ; #CbCR

KPMG has shared their feedback on EU's proposed TP Directive. I particularly welcome their suggestion that Local File and Master File should just follow the OECD standard, which I also shared in my earlier post on this topic. I can't imagine why EU would be interested in developing their own Local File / Master File template, which would just sow confusion and create an extra layer of work for everyone. Sure, it would be great for advisers, generating a new completely artificial business, but a hassle for everyone else. https://lnkd.in/eXxn5yWE