The US today announced it is negotiating a competent authority agreement with Monaco that would provide for the exchange of country-by-country reports concerning multinationals operating in their countries.
The country-by-country reporting scheme was established by countries in 2015 as a result of the OECD/G20 base erosion profit shifting (BEPS) plan.
It provides for the collection and exchange between tax authorities of information about multinationals so that tax authorities can better assess whether a multinational is engaged in tax avoidance through transfer pricing or otherwise.
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