Taxand Greece presents a breakdown of the EU Directive on automatic exchange of CbC reports.
Persuant to Law 4484/2017, Greece transposed Council Directive (EU) 2016/881 introducing the automatic exchange of Country-by-Country (CbC) reports within the EU. CbC reporting was initialy set forth in the context of Action 13 of the OECD BEPS initiative, as part of a standardised three-tiered approach to transfer pricing documentation (along with a global master file and a local file). CbC reporting is aimed at providing tax administrations with relevant information to perform high-level transfer pricing risk assessment analysis, as well as an assessment of other tax areas of potential concern.
The automatic exchange of CbC reports among tax authorities is provided also by the Multilateral Competent Authority Agreement on the Exchange of CbC Reports, which has been signed by Greece and many other OECD states, including non-EU member states, The latter agreement, however, has not yet been ratified by the Greek Parliament.