Get the free Country-by-Country Return XML Schema v0.1. User Guide

Inland Revenue DepartmentFTThe Government of the Hong Kong Special Administrative RegionRACountrybyCountry Return XML Schema v0.1DUser GuideWebsite : www.ird.gov.hkAmendment History Revision DescriptionPages AmendedRevision NumberDateDRAFTChange NumberCountrybyCountry

How to fill out country-by-country return xml schema

How to fill out country-by-country return xml schema

1. To fill out the country-by-country return xml schema, follow these steps:
2. Start by opening a text editor or an XML editing tool.
3. Create a new XML file and save it with an appropriate name.
4. Make sure to include the necessary XML schema definition (XSD) file for the country-by-country return.
5. Begin by populating the required elements, such as the reporting entity information.
6. Fill in the relevant financial information for each tax jurisdiction separately, including revenue, profit, taxes paid, and other specified details.
7. Make sure to correctly reference the appropriate international tax standards and regulations as required.
8. Validate the XML file against the provided XML schema to ensure it follows the correct format and structure.
9. Review the filled-out form for accuracy and completeness before submitting it to the relevant authorities.
10. Once you are satisfied with the content and format, save the XML file and submit it as per the specified guidelines or requirements.

Who needs country-by-country return xml schema?

1. The country-by-country return xml schema is needed by multinational enterprises (MNEs) that are required to submit detailed reports on their global operations for tax purposes. These reports provide tax authorities with an overview of the MNE's allocation of income, taxes paid, and economic activities in different jurisdictions. The country-by-country return xml schema enables MNEs to organize and present this information in a standardized and structured format, facilitating the assessment and analysis of the MNE's compliance with tax regulations across various countries.

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What is country-by-country return xml schema?

Country-by-country return xml schema is a standardized format for reporting income, taxes, and other financial information on a country-by-country basis.

Who is required to file country-by-country return xml schema?

Multinational companies with annual consolidated group revenue exceeding a certain threshold are required to file country-by-country return xml schema.

How to fill out country-by-country return xml schema?

Country-by-country return xml schema can be filled out using specific software or tools provided by tax authorities. It requires reporting financial and tax information for each country where the company operates.

What is the purpose of country-by-country return xml schema?

The purpose of country-by-country return xml schema is to increase transparency and help tax authorities assess transfer pricing risks and base erosion and profit shifting.

What information must be reported on country-by-country return xml schema?

Information such as revenue, profit, taxes paid and accrued, number of employees, and tangible assets for each jurisdiction must be reported on country-by-country return xml schema.