Country-by-Country (CbC) tax reporting is a crucial component of global tax risk management, given the recent adoption of legislation requiring multinational corporations to file CbC data with tax authorities. This data must be analyzed in detail and be accurate in order to avoid attracting the interest of multiple jurisdictions where the group operates. At International Tax (HK) Co. Ltd., we have the experience and expertise to help multinational corporations manage their CbC reporting requirements and reduce their global tax risk.
Our services include identifying and analyzing the figures beyond the required CbC data that may be interesting to collect for analysis purposes, as well as identifying the relevant ratios and key performance indicators to analyze in a group broken down by business activity. We also assist in analyzing CbC data on both the tax jurisdiction level and entity level to ensure compliance with tax regulations and reduce the risk of penalties.
We recognize that a thorough analysis of CbC data requires accurate and historical company information, including permanent establishments in Hong Kong, Mainland China, and overseas, and a firm process for gathering tax figures for forecasting and actual data. To address this, we provide a process for analyzing a company's Hong Kong and Mainland China data to identify potential risks and changes in business activities over time.
Moreover, we help our clients develop a framework for timely CbC reporting that is in line with current OECD guidelines and best practices. Our process includes gathering and analyzing the data, preparing a report of our findings and recommendations, and assisting in the preparation of tax reporting forms to ensure accuracy and compliance.
Our expertise in CbC reporting allows us to assist multinational corporations in managing the risks associated with tax regulations and ensuring compliance with international tax standards. With over 30 years of experience serving a large portfolio of European and American clients, we have the knowledge and expertise to help companies navigate complex tax regulations and mitigate their tax risks.
By working with International Tax (HK) Co. Ltd., our clients benefit from our expertise in tax planning, compliance, and risk management, all of which are critical to ensuring a company's success in today's global business environment.