31 January 2017 Current Affairs: Seven new countries Lithuania, Gabon, Hungary, Indonesia, Malta, Mauritius and Russia – have signed Multilateral Competent Authority Agreement for Country-by-Country Reporting (CbC MCAA).
With this, the total number of signatories has increased to 57 including India (signed in May 2015). CbC MCAA is a tax co-operation agreement to enable automatic sharing of country-by-country information.
The CbC MCAA aims to boost transparency by multinational enterprises (MNEs) by allowing signatories to bilaterally and automatically exchange country-by-country reports.
This exchange of information is facilitated as part of Action 13 of the base erosion and profit shifting (BEPS) Action Plan adopted by the OECD and G20 countries in 2013.
The agreement will help to ensure that tax administrations obtain better understanding of how MNEs structure their operations and also ensure that the confidentiality and appropriate use of such information is safeguarded.
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