Seven countries have join the OECD’s automatic Country-by-Country (CbC) reporting agreement.
Gabon, Hungary, Indonesia, Lithuania, Malta, Mauritius and the Russian Federation have signed the OECD’s Multilateral Competent Authority Agreement for Country-by-Country Reporting (CbC MCAA), bringing the total of signatories to 57.
The purpose of this agreement is that signatories can jointly and automatically exchange CbC reports with each other. This will help to ensure that tax administrations obtain a better understanding of how multinationals structure their operations.
In other OECD news, Thailand has joined the Global Forum on transparency and Exchange of Information for Tax Purposes (Global Forum).
Thailand has become the 139th member of the Global Forum which aims to ensure that all jurisdictions adhere to the same high standard of international cooperation in tax matters through monitoring and peer review process.