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TRCS CbCR- Entity Structure - One Entity in One Jurisdiction

in Tax Reporting (Direct Tax) 3 comments

Summary:

If there is one entity only that is tagged to one Jurisdiction and that entity now has been sold. How to keep that entity for previous years data in TRCS as CbCR filing needs to be done again, while for future years that Entity (Financial and Non Financial data) is not required for CbCR filing.

Content (please ensure you mask any confidential information):

Suppose, CbCR Filing for FY23 consist of Entity A (tagged to Jurisdiction B), where XML has Financial and non Financial data of Entity A and Jurisdiction B. Now in FY24, this entity A has been sold off, which means for FY25 we should not have any information on this entity for CbCR filing. However, FY23 CbCR filing is still getting rejected by Regulatory and need to be resubmitted including Entity A.

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