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28 January 2016

Thirty-one countries sign tax cooperation agreement enabling automatic sharing of country-by-country reporting information

On January 27, 31 countries signed the Multilateral Competent Authority Agreement (MCAA) for the automatic exchange of Country-by-Country (CbC) reports. The signing ceremony marks a key milestone in the implementation of the G20/Organization for Economic Co-operation and Development (OECD) Base Erosion and Profit Shifting (BEPS) Project and heralds a significant increase in cross-border cooperation and information exchange in relation to tax matters. The MCAA sets out the parameters for the automatic exchange of CbC reports among jurisdictions, ensuring that those jurisdictions who have passed (or plan to pass) legislation requiring MNEs to file CbC reports have a clearly defined, mutually agreed set of protocols governing such exchanges. In addition to the 31 jurisdictions who signed the MCAA, more are expected to do so in due course.

A Tax Alert prepared by Ernst & Young Netherlands, and attached below, provides additional details.

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Document ID: 2016-0196

 
 

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