The US is negotiating with Bulgaria and Gibraltar to annually exchange country-by-country reports on large multinational businesses, Treasury announced today.
Signing the agreements would implement a country-by-country reporting scheme agreed to by OECD, G20, and other countries in 2015 as a result of the base erosion profit shifting (BEPS) plan initiative.
The scheme aims to provide more information about multinational firm operations to tax authorities to curtail tax avoidance through inappropriate transfer pricing and other means.
Reaching agreement to exchagne the reports would also ease reportng burdens placed on large multinational firms operating in these countries.
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