Seven More Jurisdictions Join The Automatic Sharing of CbC Reporting

On January 27, the OECD informed that Gabon, Hungary, Indonesia, Lithuania, Malta, Mauritius and the Russian Federation have now signed the Multilateral Competent Authority Agreement for Country-by-Country Reporting (CbC MCAA), bringing the total number of signatories to 57.

Background: CbC Reporting for Tax Transparency

 As part of continuing efforts to boost transparency by multinational enterprises (MNEs), the CbC MCAA initiative allows signatories to bilaterally and automatically exchange Country-by-Country Reports with each other, as contemplated by Action 13 of the BEPS Action Plan. This exchange of information will allow tax administrations to have overview of how MNEs structure their operations. Information on the activation of exchange relationships under the MCAA will be released in due course.

Signatories

Gabon, Indonesia, Malta, Mauritius and the Russian Federation signed the Agreement at a signing ceremony held during the second meeting of the Inclusive Framework on BEPS on 26-27 January, 2017. Lithuania and Hungary joined the Agreement in October and December 2016 respectively. The inclusive framework brings together over 100 countries and jurisdictions to collaborate on the implementation of the OECD/G20 Base Erosion and Profit Shifting (BEPS) package.

Source: OECD

 

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