OECD: CbC reporting implementation status | KPMG | BE

OECD: Country-by-country reporting implementation status; exchange relationship between tax administrations

OECD: CbC reporting implementation status

The Organisation for Economic Cooperation and Development (OECD) today announced the activation of “automatic exchange relationships”—which the OECD described as another important step in implementing country-by-country (CbC) reporting in accordance with the BEPS Action 13 minimum standard the Multilateral Competent Authority Agreement (MCAA) on the exchange of CbC reports.

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According to the OECD release, there is over a year still to go before the first exchanges of CbC reports, and more than 700 automatic exchange relationships have now been established among jurisdictions committed to exchanging CbC reports as of 2018 (including those between EU Member States).  

The OECD explained that more jurisdictions will nominate partner jurisdictions with which they will undertake the automatic exchange of CbC reports under the CbC MCAA in the coming months. Some jurisdictions also continue to work towards bilateral competent authority agreements for the automatic exchange of CbC reports with specific partners under income tax treaties or tax information exchange agreements. 

The OECD has provided a full list of automatic exchange relationships that are now in place, along with an update on the implementation of the domestic legal framework for CbC reporting in jurisdictions; on jurisdictions that will permit surrogate filing and voluntary parent surrogate filing; and steps that are being taken to address concerns about local filing being applied before the end of 2017.

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