There are now over 1,400 automatic exchange relationships in place among tax administrations committed to exchanging country-by-country (CbC) reports as of mid-2018.
The automatic exchange of CbC report, which is set to start in June, will give tax administrations around the world access to key information on the annual income and profits, as well as the capital, employees, and activities of multinationals that are active within their jurisdictions, the OECD said on December 21, 2017.
The full list of automatic exchange relationships that are now in place is available on the OECD’s website.
The OECD has also provided an update on the implementation of the domestic legal framework for CbC reporting in jurisdictions; on jurisdictions that do not require CbC reporting for 2016 but will permit voluntary parent surrogate filing; and on steps that have been taken by jurisdictions to address a transitional issue for the first year of CbC reporting.
“This additional wave of activations of CbC reporting exchange relationships is another important step towards the timely implementation of CbC reporting and reflects the commitment of BEPS Inclusive Framework members from all corners of the world to the fight against BEPS,” the OECD said.
CbC report is part of the three-tiered approach to transfer pricing documentation developed under BEPS Action 13.