The Inland Revenue Authority of Singapore (IRAS) has updated its list of jurisdictions participating in the Multilateral Competent Authority Agreement (MCAA) for the exchange of Country-by-Country (CbC) reports on 11 October 2024.
The recent update adds Albania and Georgia to the list of jurisdictions, effective from the 2024 fiscal year, bringing the total number of jurisdictions to 95.
A CbC Report of an MNE group will include information on the group’s global allocation of the income and taxes paid in different jurisdictions and other financial data. CbC Reports submitted to IRAS will be provided to tax authorities of jurisdictions with which Singapore has qualifying competent authority agreements for the automatic exchange of CbCR information.
This reporting mechanism, introduced by the Organisation for Economic Co-operation and Development (OECD) as part of the Base Erosion and Profit Shifting (BEPS) Action 13 initiative, requires multinational enterprises (MNEs) to file CbC reports detailing their global allocation of income, taxes paid, and economic activity.
CbC Reports may be used by Singapore and other tax authorities in evaluating transfer pricing risks and other BEPS-related risks. As part of Singapore’s commitment to the BEPS project, MNEs headquartered in Singapore that meet specific criteria have been mandated to prepare and submit these reports to IRAS for fiscal years starting on or after 1 January 2017.
