The Australian Taxation Office (ATO) released additional guidance with an overview of the detailed design of the local file / master file. The guidance addresses IT specifications for software developers to use in business management software to enable the generation of a valid XML file.
ATO informed that it developed a combined local file / master file XML schema, so the master file must be attached to the combined submission. The local file / master file XML schema comprises:
The design of the local file / master file XML schema allows for separate submissions of the three components of the local file and the master file. While the local/master file XML schema contains questions in relation to the lodgement of the Country-by-Country (CbC) report, the CbC report itself must be lodged separately in accordance with the OECD XML schema (v1.0). For more detailed information, see the source.
With the fast growth of China’s economy and the continuous improvement of the comprehensive strength of domestic enterprises, as well as the implementation of the “One Belt, One Road” policy, an increasing amount of Chinese enterprises are beginning to expand their global footprint and establish their presence in Europe.
TPA Global has developed a practical roadmap of 6 steps meant to guide CFOs in their Journey of rising above troubles to reach a situation of full control. These steps are presented in a series of short video clips (3-5 minutes):
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