The Organisation for Economic Cooperation and Development (OECD) today announced the activations of automatic exchange relationships for country-by-country (CbC) reporting in accordance with the base erosion and profit shifting (BEPS) Action 13 minimum standard.
Today’s OECD release explains that through activation of automatic exchange relationships under the “Multilateral Competent Authority Agreement” for the exchange of CbC reports (CbC MCAA), the automatic exchange of CbC reports is set to start in June 2018. This exchange will give tax administrations access to key information on certain taxpayer information about multinational enterprise groups within their jurisdictions, including:
The OECD reports there are over 1,400 automatic exchange relationships in place among jurisdictions committed to exchanging CbC reports as of mid-2018, including those under EU Council Directive 2016/881/EU and bilateral competent authority agreements (including 31 with the United States).
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