The US and Austria have begun negotiations a bilateral competent authority agreement that will allow for the exchange country-by-country reports on large multinational companies, the IRS announced April 19.
Agreement would help put into effect a 2015 deal reached by OECD and G20 nations under the base erosion profit shifting (BEPS) plan designed to help tax authorities determine if multinational firms are likely to be engaging in tax avoidance through transfer pricing or other means.
An agreement would also ease filing burdens of large MNEs headquartered in US and Austria.
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