Saudi Arabia and Uruguay Sign MCAA

Saudi Arabia and Uruguay signed the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (MCAA) during the 9th Meeting of the Global Forum in Georgia on November 2.

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, while also ensuring that the confidentiality of such information is safeguarded.

Signing the Agreement at 9th Meeting of the Global Forum

The signing ceremony on the Multilateral Competent Authority Agreement was part of the 9th Meeting of the Global Forum, taking place in Tbilisi, Georgia, on 2-4 November 2016. The Global Forum is the world’s largest network for international cooperation in the field of taxation and financial information exchange with 164 countries and jurisdictions. The Forum’s 9th meeting brought together more than 200 delegates for discussions on new steps to accelerate international cooperation against tax evasion.

Saudi Arabia and Uruguay intend their first exchange of information to take place in September 2018. The total number of signatories of the MCAA therewith comes to 87.

Sources: OECD

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