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Tax administrations prepare for automatic exchange of CbC reports - are you ready?

Overview

The OECD has announced that another important step has been taken to implement country-by-country (CbC) reporting requirements, as signatories to the Multilateral Competent Authority Agreement on the Exchange of CbC Reports (the CbC MCAA) activated their automatic exchange relationships.

The OECD also signalled that additional jurisdictions will nominate partners with which they will undertake the automatic exchange of CbC reports under the CbC MCAA in the coming months, while other countries continue to work towards bilateral competent authority agreements for the automatic exchange of CbC Reports with specific partners.