As Tax Journal went to press, ministers and top tax officials from more than 30 countries signed an international agreement – the multilateral competent authority agreement (MCAA) – at the OECD on Wednesday 27 January 2016, which the OECD said ‘will significantly advance the fight against corporate tax avoidance’.
This marks the first signing ceremony for adhesion to the MCAA, which will facilitate the automatic exchange of country-by-country reporting called for in the OECD/G20 base erosion and profit shifting (BEPS) project. The MCAA will enable consistent and swift implementation of the new transfer pricing reporting standards, developed under action 13 of the BEPS action plan. It will ensure that tax administrations obtain a complete understanding of how multinational enterprises structure their operations, while also ensuring that the confidentiality of such information is safeguarded.
As Tax Journal went to press, ministers and top tax officials from more than 30 countries signed an international agreement – the multilateral competent authority agreement (MCAA) – at the OECD on Wednesday 27 January 2016, which the OECD said ‘will significantly advance the fight against corporate tax avoidance’.
This marks the first signing ceremony for adhesion to the MCAA, which will facilitate the automatic exchange of country-by-country reporting called for in the OECD/G20 base erosion and profit shifting (BEPS) project. The MCAA will enable consistent and swift implementation of the new transfer pricing reporting standards, developed under action 13 of the BEPS action plan. It will ensure that tax administrations obtain a complete understanding of how multinational enterprises structure their operations, while also ensuring that the confidentiality of such information is safeguarded.
