Chance to be heard: OECD invites comments on a draft User Guide for the GloBE Information return XML Schema

The Global Anti-Base Erosion (GloBE) Model Rules, introduced as per OECD/G20 Inclusive Framework on BEPS (Base Erosion and Profit Shifting), mandate multinational enterprise (MNE) groups to file an annual GloBE Information Return (GIR). This return provides detailed information on tax calculations conducted under the GloBE Rules.

STANDARDISATION EFFORTS

Recognising the importance of consistent implementation and following public consultation, the OECD/G20 Inclusive Framework on BEPS (Inclusive Framework) reached a consensus in July 2023 on a standardised GIR template to be adopted universally by all implementing jurisdictions. Additionally, a framework was established for sharing GIR contents among these jurisdictions.

To facilitate the implementation of GloBE Model Rules and ensure uniformity in GIR reporting, the Inclusive Framework is developing an extensible mark-up language (XML) schema and a corresponding user guide. This schema will serve as the technical standard for both domestic GIR filings and the exchange of GIR information between tax administrations.

PUBLIC ENGAGEMENT

“Draft User Guide for the GloBE Information Return XML Schema” presents a draft version of the GIR XML Schema and User Guide. 

Its release aims to solicit feedback from stakeholders, enabling refinements that will expedite the finalisation of these critical tools. 

OBJECTIVES

• Facilitating Compliance: Standardised GIR requirements aim to simplify compliance for MNEs across jurisdictions.
• Ensuring Consistency: A uniform approach to GIR filings and information exchange enhances transparency and equity in global tax governance.
• Public Consultation: Stakeholder feedback will inform final adjustments to the GIR XML Schema and User Guide, ensuring practical applicability and alignment with international standards.

THE CONSULTATION DOCUMENT CAN BE ACCESSIBLE VIA THIS LINK:

Public consultation document: Draft User Guide for the GloBE Information Return XML Schema (oecd.org)

SOURCE/ RECOMMENDED READ:

Draft User Guide for the GloBE Information Return XML Schema (oecd.org)