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).
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.
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.”
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.
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):
How Is The International Tax And Transfer Pricing Landscape Evolving In India?
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