OECD: Bermuda to Share BEPS Country-by-Country Reports
The OECD recently indicated that “Bermuda became the 33rd signatory of the Multilateral Competent Authority Agreement for the automatic exchange of Country-by-Country reports (CbC MCAA), which is based on Article 6 of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and puts in place the automatic exchange framework for exchanging Country-by-Country Reports, as contemplated by BEPS Action 13.”
On January 27, 2016, 31 countries signed the Multilateral Competent Authority Agreement (MCAA) for the automatic exchange of Country-by-Country reports.
The first exchanges of information are expected to start in 2017/2018 with respect to 2016 MNE’s information.
The Text of the MCAA on the Exchange of Country-by-Country Reports is available here.
The Standardised electronic format for the exchange of BEPS Country-by-Country Reports is available here.
To this day, the Multilateral Competent Authority Agreement exclude some key players, among which Canada, Russia, China, Hong-Kong, India, Singapore, and the United States who have not yet signed the agreement.
These 33 countries have signed the agreement:
- Australia;
- Austria;
- Belgium;
- Bermuda;
- Chile;
- Costa Rica;
- Czech Republic;
- Denmark;
- Estonia;
- Finland;
- France;
- Germany;
- Greece;
- Ireland;
- Italy;
- Japan;
- Liechtenstein;
- Luxembourg;
- Malaysia;
- Mexico;
- Netherlands;
- Nigeria;
- Norway;
- Poland;
- Portugal;
- Senegal;
- Slovak Republic;
- Slovenia;
- South Africa;
- Spain;
- Sweden;
- Switzerland; and
- United Kingdom.
Robert Robillard, Ph.D., CPA, CGA, Adm.A., MBA, M.Sc. Econ., M.A.P.
Senior Partner, DRTP Consulting Inc.
514-742-8086; robertrobillard “at” drtp.ca
www.drtp.ca
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