Electronic Format For The Exchange Of CbC Reports Released

On 22 March 2016, the Organisation for Economic Development and Co-operation ("OECD") released a standardised electronic format to facilitate the consistent and uniform preparation, filing and exchange of Country-by-Country ("CbC") reports. The CbC reports will be transmitted between revenue authorities in accordance with the Extensible Markup Language Schema ("XML Schema"),which is a data structure for electronically holding and transmitting information.

The User Guide issued by the OECD on the CbC XML Schema explains the information required to be included in each data element in the CbC report and the specific attributes of that data element in the following sections:

1. message header, which includes the sender, recipient, message type and reporting period;