On 27 March 2019, India and the US signed an Inter-Governmental Agreement for exchange of Country-by-Country (CbC) reports of multinational companies regarding income allocation and taxes paid to help check cross-border tax evasion.
This agreement
for exchange of CbC reports, along with the Bilateral Competent Authority
Arrangement, will enable both the countries to automatically exchange CbC
reports filed by the ultimate parent entities of multinational enterprises
(MNEs) in the respective jurisdictions, pertaining to the years commencing on
or after January 1, 2016.
