Senegal on February 4 signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, becoming the 93rd jurisdiction to sign the document, and the Multilateral Competent Authority Agreement for the automatic exchange of Country-by-Country reports, becoming the 32nd signatory to that agreement, the OECD has announced.
The Multilateral Convention on Mutual Administrative Assistance in Tax Matters was developed jointly by the OECD and the Council of Europe to combat offshore tax evasion. The agreement provides for cooperation among tax authorities on matters such as exchange of information, including automatic exchange, and recovery of foreign tax claims.
The Multilateral Competent Authority Agreement for the automatic exchange of Country-by-Country reports is designed to assist countries in assessing whether a multinational doing business within its borders is complying with the country’s transfer pricing laws.
The agreement puts into place the framework for the automatic exchange of country-by-country reports of multinationals. The reports, contemplated by Action 13 of the OECD/G20 base erosion profit shifting plan, contain information about the multinationals’ worldwide revenues, profits, income tax paid, stated capital, accumulated earnings, employees, and tangible assets.
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