Seven new countries join BEPS agreement

Seven jurisdictions – Lithuania, Gabon, Hungary, Indonesia, Malta, Mauritius and the Russian Federation – have signed a tax co-operation agreement, the Multilateral Competent Authority Agreement for Country-by-Country Reporting (CbC MCAA), to enable automatic sharing of country-by-country information.The CbC MCAA, which aims to boost transparency by multinational enterprises (MNEs), allows signatories to bilaterally and automatically exchange country-by-country reports, as part of Action 13 of the base erosion and profit shifting (BEPS) Action Plan. The agreement helps ensure that tax administrations obtain a better understanding of how MNEs structure their operations, while also ensuring that the confidentiality and appropriate use of such information is safeguarded.Gabon, Indonesia, Malta, Mauritius and the Russian Federation signed the Agreement at a signing ceremony held during the second meeting of the Inclusive Framework on BEPS on 26-27 January 2017. The inclusive framework brings together over 100 countries and jurisdictions to collaborate on the implementation of the OECD/G20 Base Erosion and Profit Shifting (BEPS) package.

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