The US and Austria have signed a competent authority agreement to exchange country-by-country reports on multinationals operating in their countries, US Treasury today announced.
The agreement was signed on August 16 and became operative on that date, Treasury said.
The US-Austria competent authority agreement will allow the tax administrations of the two countries to exchange information on multinational corporations’ global allocation of income, taxes paid, and indicators of the location of economic activity.
The exchange will allow the tax administrations of the two countries to assess whether there is a risk that MNEs are avoiding tax through inappropriate transfer pricing or other means. It will also ease the compliance burdens of multinationals operating in the two countries.
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