US and Curacao negotiating country-by-country reporting exchange agreement

The United States and Curacao are negotiating an agreement to exchange country-by-country reporting data on large multinational groups, US Treasury announced August 13.

The country-by-country reporting system was established in 2015 in OECD/G20 base erosion profit shifting (BEPS) plan agreements.

Both the US and Craco are members of the “Inclusive Framework on BEPS,” a coalition now comprised of 134countries that have pledged to implement country-by-country reporting and other “minimum standards” resulting from the BEPS project.

Agreement between the US and Curaso would ease reporting burdens of multinationals headquartered in the two countries. It would also allow the two countries to more easily access information to help determine if multinational are engaging in tax avoidance through inappropriate transfer pricing or other means.