The Organisation for Economic Cooperation and Development (OECD) today reported that more than 200 delegates from 83 countries and jurisdictions as well as 12 international and regional organisations met for the third meeting of the “inclusive framework” on base erosion and profit shifting (BEPS). At this meeting, it was announced that Vietnam is the newest member of the inclusive framework.
As reported today in the OECD release, as part of continuing efforts to boost transparency by multinational enterprises (MNEs), Belize, the Cayman Islands, Colombia, Haiti, Pakistan, Singapore, and the Turks and Caicos Islands signed the Multilateral Competent Authority Agreement for Country-by-Country Reporting (CbC MCAA), bringing the total number of signatories to 64.
The CbC MCAA allows signatories to bilaterally and automatically exchange country-by-country (CbC) reports with each other, as contemplated by Action 13 of the BEPS project. At present, over 800 bilateral exchange relationships have been put in place for the exchange of CbC reports.
It was also reported that the United States concluded a further set of bilateral competent authority arrangements for the automatic exchange of CbC reports, and now has arrangements in place with Canada, Denmark, Guernsey, Iceland, Ireland, Korea, Latvia, the Netherlands, New Zealand, Norway, the Slovak Republic, and South Africa.
U.S. negotiations continue with a “significant number of jurisdictions.”
Singapore also signed the Multilateral Competent Authority Agreement for the Common Reporting Standard (CRS MCAA), re-confirming 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.