The Organisation for Economic Co-operation and Development (OECD) has announced a fresh “wave of activations” as jurisdictions work toward the implementation of country-by-country reporting to tackle base erosion and profit shifting.
More than 700 automatic exchange relationships have now been established among jurisdictions committed to exchanging country-by-country reports in the 2018, including EU member states.
Fifty-seven countries have committed to country-by-country reporting, under three agreement models designed for jurisdictions to mutually agree the scope of the automatic exchange of information.
The BEPS Action 13 report laid out the template for multinational enterprises to report annually and for each tax jurisdiction in which they do business.
The OECD said in a statement: “Today's wave of activations of country-by-country reporting exchange relationships is an important step towards the timely implementation of country-by-country reporting and reflects the commitment of jurisdictions around the world to the fight against base erosion and profit shifting.”
