The IOTA Webinar on Quality and Effective Use of ’Country-by-Country Reporting’ (CbCR) Data took place on 24th February 2021. It was one of IOTA’s biggest digital events so far, counting 156 attendants from 39 countries. The event focused on the implications of the OECD 2020 CbCR Review for IOTA members and the effective use of the CbC data.
The webinar provided opportunity to learn and discuss the current practices of IOTA member tax administrations on ensuring the quality of the Country-by-Country Reporting (CbCR) data and its effective use.
The first presentation by Wanda Montero (Centre for Tax Policy and Administration, OECD) presented the outcome of the OECD’s 2020 Review of Country-by-Country Reporting (BEPS Action 13 Minimum Standard). This included reflections on the public consultation process, which took place as part of the review. Ms. Montero’s presentation was followed by four IOTA member countries showcasing their experiences on improving the quality of CbCR data and using CbCR data in risk assessment.
The United Kingdom’s presentation focused on the outcomes of the 2020 CbC Review and the implications of this for the UK. The presentation was delivered by Tracey Brooks (IOTA Secretariat) based on notes prepared by Simon Kimber (HMRC). The UK plans to make changes in three key areas: legislative, guidance and XML schema.
Next, Rasmus Christian Johansen from The Danish Customs and Tax Administration spoke about his country’s experience. The key topics of his presentation included the quality of the data contained in the CbC reports received in Denmark and CbC risk assessments.
Andra Serbac and Geert Stuer (Federal Public Service Finances of Belgium) presented the Belgian approach to CbC reporting and, similarly to Denmark, focused on quality improvement and the role of CbCR data in risk assessment.
Lastly, the topic of ’Current use of CbCR data in Austria’ was covered by Horst Rinnhofer (Federal Ministry of Finance), who explained in further detail the topic from a Tax Auditor’s point of view underlining the challenges and opportunities of using CbCR data in tax audits.
There were a number of interactive polls during the event, which asked paricipants about the quality of the data they were receiving, the different ways they are using the data and what results they have seen from the use of CbCR data so far. The poll questions and results are available on the event’s webpage.
The Webinar was delivered as a part of IOTA’s ongoing work on implementation of measures to counter BEPS. The IOTA Report on Implementation of “Country-By-Country Reporting” Into Internal Rules and Procedures has been published on 24th February 2021.
The video recording of the webinar as well as the presentations are available for IOTA members on the dedicated event’s webpage.