US Treasury has today announced the signing of an agreement with Luxembourg to exchange country-by-country reports on the tax affairs of multinational groups operating in their countries.
The agreement, signed October 18, is designed to put into effect international agreements reached under the 2015 OECD/G20 base erosion profit shifting (BEPS) plan whereby countries would collect and exchange with other countries information about large multinationals. The information is designed to provide tax authorities with a tool to identify which multinationals are likely to be engaging in tax avoidance through transfer pricing or other means.
Luxembourg is the 27th country to sign such an agreement with the US.
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