The US has entered into bilateral competent authority agreements with Belgium, Brazil, Isle of Man, Jamaica, and Malta providing for the exchange of country-by-country reports on multinationals’ tax affairs, the IRS has announced on its website. The agreements were all signed on July 20.
The US also published a copy of its agreement to exchange country-by-country reports with Slovakia, which was signed last month.
The country-by-country report is a annual report filed by large multinational groups to be used by tax administrations. The report includes information regarding the group’s activities in each country in which it operates, including, revenue, profit before tax, taxes paid, taxes accrued, number of employees, and other information on economic activity.
The country-by-country report is typically filed in the parent’s country of residence and then shared with other countries. In the US, it is shared under bilateral competent authority agreements.
