Financial Services Ireland

Country by Country Reporting for Financial Services Organisations

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Country by Country Reporting for Financial Services Organisations

Certain financial entities will be familiar with country by country reporting for the purposes of Capital Requirements Directive IV (CRD IV). However, in line with OECD’s Base Erosion and Profit Shifting (BEPS) Action 13, Finance Act 2015 introduced similar (and in addition to CRD IV reporting) Country by Country Reporting (CbCR) for all large groups subject to certain exemptions.

In this report, learn what Country by Country Reporting is, when it applies and what exactly happens if you don’t comply.  Is your organisation in scope?  How will your report be viewed by others?  Find answers to to these and a range of other questions by downloading our report below.

How can EY help you?
  • Entity assessment – We can carry out an entity assessment to confirm whether your organisation is impacted by CBBR? Data extraction and support – We can extract data from different systems and consolidate this information into one data environment.
  • ‘Trial runs’/Dry run – We will carry out dry runs of the report to test the process, length of time required and consider the challenges with submitting reports online and foreseeing any delays.
  • Professional and expert opinion – An expert team to analyse CbCR data and provide interpretation on technical definitions along with an assessment on the wider tax impact.
  • Assessment review – EY can conduct a gap analysis to identify potential data gaps in your company’s financial data systems and provide feedback to your finance team on how this information may be interpreted.

It is important that appropriate consideration and preparation is taken in advance of your CbCR obligations. CbCR will require quality data and this will allow for more accurate tax planning and forecasting. Our team includes experts in systems, tax operations and transfer pricing specialists. Please get in touch with me or your usual EY point of contact for more information.

Sinéad Colreavy

Director, Business Tax Advisory
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