The European Commission launched a program to counter tax avoidance by multinational corporations. The EC proposals in certain aspects follow the base erosion and profit shifting (BEPS) project of the OECD. Also this week, representatives of 31 countries signed an agreement—the Multilateral Competent Authority Agreement (MCAA)—for the automatic exchange of country-by-country reports. The MCAA is intended to allow for consistent and swift implementation of new transfer pricing reporting standards developed under Action 13 of the BEPS project, and to allow tax administrations to understand how multinational enterprises structure their operations and to protect confidential information.
Read more at TaxNewsFlash-BEPS
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