India’s Central Board of Direct Taxes (CBDT) today issued a release announcing that representatives of the governments of India and the United States have finalized an arrangement (a bilateral competent authority arrangement along with an intergovernmental agreement) to allow for the exchange of country-by-country (CbC) reports. The agreement is expected to be signed on or before 31 March 2019.
The CBDT release [PDF 74 KB] reports that the CbC report-exchange arrangement will:
…enable both the countries to exchange CbC Reports filed by the ultimate parent entities of International Groups in the respective jurisdictions, pertaining to the financial years commencing on or after 1st January, 2016. As a result, Indian constituent entities of international groups headquartered in USA, who have already filed CbC Reports in the USA, would not be required to do local filing of the CbC Reports of their international groups in India. [Emphasis added]
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