The IRS has released a list that shows the status of discussions with other countries regarding the exchange of country-by-country (CbC) reporting data under a bilateral competent authority arrangement (CAA) pursuant to an income tax treaty, a tax information exchange agreement, or an agreement on mutual administration assistance in tax matters permitting automatic exchanges of information.
The IRS table includes jurisdictions that are currently in negotiations for a CAA; have satisfied the U.S. bilateral data safeguards and infrastructure review; and have consented to be listed.
The IRS cautioned that taxpayers cannot rely on this information for assurances that CAAs with the competent authorities of these jurisdictions will be concluded by the end of 2017. Additionally, there may be other countries that are also currently in negotiations with the IRS, but have not consented to be listed.
The table also includes jurisdictions with which the IRS and the jurisdiction’s competent authority have concluded and signed a CAA.
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.