The Organisation for Economic Cooperation and Development (OECD) today announced that a representative of the Cook Islands signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.
As noted in the OECD release, the agreement for international tax cooperation provides for all forms of administrative assistance in tax matters—including an exchange of information on request, spontaneous exchange, automatic exchange, tax examinations abroad, simultaneous tax examinations and assistance in tax collection. The agreement, together with the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information as signed by the Cook Islands in October 2015, will enable the Cook Islands to fulfil a commitment to begin the first of such exchanges by 2018.
Today’s agreement will allow for the automatic exchange of country-by-country reports under Action 13 of the base erosion and profit shifting (BEPS) project.
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