The Inland Revenue Authority of Singapore (IRAS) has revised the list of jurisdictions for exchanging Country-by-Country (CbC) reports under the Multilateral Competent Authority Agreement on Automatic Exchange of Country-by-Country Reports (2016) (CbC MCAA), on Monday, 19 August 2024, adding Ukraine in the list of jurisdictions, effective from fiscal years starting from 1 January 2023.
CbCR is a form of reporting by MNEs initiated by the Organisation for Economic Co-operation and Development (OECD) in the Base Erosion and Profit Shifting (BEPS) Action 13 Report.
In keeping with Singapore’s commitment to implement certain measures under the BEPS Project, Singapore-headquartered MNEs, meeting certain requirements, must prepare and file CbC Reports to IRAS for FYs beginning on or after 1 Jan 2017.
