What areas of concern does the new CbC reporting template pose for CEOs?

Complying with BEPS CbC reporting will lift up three areas of concern for CEOs of multinational corporations:

  1. Significantly increased demands on tax departments' resources in order to prepare the data for the new CbC reporting template and manage the increased audit activity that will result from this new requirement;
  2. Significant data management challenges in gathering the data required for the CbC reporting template, and implementing a recommended best practice of reconciling public financial statements, legal entity books, and local tax returns to the CbC templates; and
  3. Potential risk that confidential information provided in the template could be disclosed to the public through information leaks or formal disclosure requirements by individual countries.

Please remember that the Tax Matters provides information for educational purposes, not specific tax or legal advice. Always consult a qualified tax or legal advisor before taking any action based on this information.

About this Contributor

Nancy Manzano Headshot
Nancy Manzano
Tax Director

Nancy Manzano is a Director in the Chief Tax Office at Vertex providing insight regarding in-house corporate tax department operations and working on the development of the company’s income tax solutions under Vertex Enterprise. Prior to joining Vertex, Nancy was a Tax Director at 21st Century/Farmers Insurance and MBNA America Bank and worked in the Philadelphia office of KPMG. Nancy is a licensed C.P.A., has a Bachelor’s degree in Business Administration from Drexel University and a Master of Science in Taxation from Widener University.

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