Taxand Cyprus discusses what to expect from the Multilateral Competent Authority Agreement on automatic exchange of country-by-country reports signed by Cyprus.
Development and global implementation of the Base Erosion and Profits Shifting (BEPS) Action Plan, prepared by the Organisation for Economic Co-operation and Development (OECD), have successfully continued in 2016. The Country-by-Country (CbC) reporting initiative, under Action 13 of the BEPS, has not been an exception.
As of 7 December 2016, fifty jurisdictions have already signed the Multilateral Competent Authority Agreement (MCAA) on the automatic exchange of CbC reports.
Discover more: What to expect from the Multilateral Competent Authority Agreement
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It is worth reiterating that the exchange will not start with the jurisdictions which are not party to the CbC MCAA. For instance, if one entity from the group of the MNE is a tax resident of the Russian Federation, a CbC report will not be sent to the Russian tax authorities until the Russian Federation joins the agreement.
