Global Tax Adviser, May 17, 2016. Canada has become one of the newest signatories to the OECD's Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports (CbC MCAA). The agreement, which allows all signatories to bilaterally and automatically exchange country-by-country reports with each other, has also been recently signed by Iceland, Israel, India, New Zealand, and China. There are now 39 signatories to the agreement.
The OECD's Action 13 on country-by-country reporting requires certain multinational enterprises to provide aggregate information annually in respect of each jurisdiction where they do business. The information required concerns the company's global allocation of income and taxes paid, and the location of economic activities within the multinational group. It will also cover information about which entities do business in a particular jurisdiction and the business activities each entity engages in.
For more information, contact your KPMG adviser.
Information is current to May 17, 2016. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500