The Organisation for Economic Cooperation and Development (OECD) announced that tax officials from more than 30 countries will sign an international agreement on Wednesday, 27 January 2016, so as to advance efforts to counter corporate tax avoidance. The agreement to be signed is the Multilateral Competent Authority Agreement (MCAA), and it will facilitate the automatic exchange of country-by-country reporting under the base erosion and profit shifting (BEPS) project.
As noted in an OECD release, this will be the first signing ceremony under the MCAA. The MCAA is intended to allow for consistent and swift implementation of new transfer pricing reporting standards developed under BEPS Action 13, so that tax administrations may understand how multinational enterprises structure their operations, while also safeguarding the confidentiality of such information.
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