On 27 January 2016 thirty-one countries signed a Multilateral Competent Authority Agreement for the automatic exchange of Country by Country (CbC) reports. The Agreement will facilitate speedy implementation of the CbC reporting requirement as set out in the report under Action 13 of the G20/ OECD project on base erosion and profit shifting (BEPS). The CbC reports exchanged between countries will allow tax authorities to obtain a global view of key indicators of the operations of multinational enterprises. This therefore represents a further step towards increasing transparency in international tax affairs of multinationals.
The countries signing the agreement include Australia, Chile, Costa Rica, Japan, Liechtenstein, Malaysia, Mexico, Nigeria, Norway, South Africa, Switzerland and 20 European Union member states.
