Bermuda: Country-by-country reports, automatic exchange agreement signed

Bermuda: Country-by-country reports

The Organisation for Economic Cooperation and Development (OECD) today announced that Bermuda signed the multilateral competent authority agreement for the automatic exchange of country-by-country (CbC) reports, thereby putting into place the automatic exchange framework as envisioned by the base erosion and profit shifting (BEPS) project Action 13.

Related content

As explained in today’s OECD release, under this agreement, tax administrations in countries where a company operates will receive aggregate information annually—starting with 2016 accounts—relating to the global allocation of income and taxes paid; other indicators of the location of economic activity within a multinational enterprise group; and information about which entities do business in a particular jurisdiction and the business activities of each entity. The information will be collected by the country of residence of the parent of the multinational entity group, and will then be exchanged in accordance with the agreements—now signed by Bermuda. The initial exchanges will start in 2017-2018 on 2016 information. 

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor 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 on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Request for proposal

 

Submit

KPMG's new digital platform

KPMG International has created a state of the art digital platform that enhances your experience, optimized to discover new and related content.