The Organisation for Economic Cooperation and Development (OECD) today announced new information technology (IT) and guidelines to support technical implementation of the exchange of tax information by tax authorities under the common reporting standard (CRS), on country-by-country (CbC) reporting, and in relation to tax rulings.
As noted in the OECD release, with respect to CbC reporting and tax rulings information, multinational entity (MNE) groups are allowed to indicate cases of stateless entities and stateless income, as well as to specify the commercial name of the MNE group. Also, clarifications have been made, in particular with respect to the correction mechanisms.
The IT tools provided on the OECD website are:
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