Five New Jurisdictions Will Exchange Country-By-Country Reports

The OECD announced that Brazil, Guernsey, Jersey, the Isle of Man and Latvia signed the Multilateral Competent Authority Agreement (MCAA) for the automatic exchange of Country-by-Country reports. At the same time, Brazil also signed the CRS Multilateral Competent Authority Agreement‎ (CRS MCAA).

Background: MCAA

The MCAA will enable a consistent and swift implementation of new transfer pricing reporting standards developed under Action 13 of the BEPS Action Plan. It will ensure that tax administrations obtain a complete understanding of the way MNEs structure their operations through the annual automatic exchange of country-by-country reports. The total number of signatories is currently 49.  

Milestone

The signing of the MCAA marked a further milestone towards the implementation of the OECD/G20 BEPS Project and a significant increase in cross-border cooperation on tax matters, the OECD announced. OECD Secretary-General Angel Gurría said, “I congratulate Brazil, Guernsey, Jersey the Isle of Man and Latvia on their efforts toward implementing the BEPS package, and on their important role in advancing greater international tax cooperation and transparency.”

Brazil joins the CRS MCAA

In addition to signing the Country by Country MCAA, Brazil also signed the CRS Multilateral Competent Authority Agreement‎ (CRS MCAA). By doing so, it re-confirmed its commitment to implementing the automatic exchange of financial account information pursuant to the OECD/G20 Common Reporting Standard (CRS) in time to commence exchanges in 2018. Brazil is the 85th jurisdiction to sign the CRS MCAA.

Source: OECD

 

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