The competent authorities of the US and Turkey have commenced negotiations for the exchange country-by-country reports on large multinationals, the US government announced December 30.
At the same time, Turkey has extended the deadline for country-by-country report submission including local filing until February 26, 2021, the US government noted.
The exchange of country-by-country reports gives tax authorities more data about the activities of large multinationals operating in their countries. The aim of the exchange is to allow tax authorities to more easily determine whether there is a risk that an MNE is engaging in tax avoidance through inappropriate transfer pricing or through other means.
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