Category: Multilateral Competent Authority Agreement

National Assembly passes three amendments to strengthen international tax compliance

BASSETERRE, St. Kitts -– The Government of St. Kitts and Nevis took steps on Friday, July 13, to further strengthen its proactive cooperation on tax matters through the passage of three amendments to the Common Reporting Standard (Automatic Exchange of Financial Account Information) (Amendment) Bill, 2018, in the National Assembly....

Macau | Delayed tax agreement will be signed this year – Portugal’s Secretary for Tax Affairs

A delayed tax agreement between Portugal and Macau will be signed later this year, according to Mr António Mendonça Mendes, the Portuguese Secretary of State for Tax Affairs on Sunday Macau (MNA) – A delayed tax agreement between Portugal and Macau will be signed later this year, Mr António Mendonça...

$1.745m Software Deal To Facilitate Tax Exchange

The Ministry of Finance has embraced a software solution from Vizor AEOI Software to help meet its automatic tax information exchange (AEOI) commitments. The Bahamas will use Vizor’s solution to meet its obligations under the Organisation for Economic Co-Operation and Development (OECD)’s Common Reporting Standard (CRS), and its Foreign Account...

Macau | City preparing to join OECD automatic financial exchange agreement – Financial bureau

The Macau government is preparing to sign the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information which will allow automatic tax information exchange with other members of the Organisation for Economic Co-operation and Development Macau (MNA) – The Financial Services Bureau (DSF) has informed Macau News Agency...

Singapore activates three new Automatic Exchange of Financial Account Information relationships

AEOI deals with the challenge of taxpayers operating cross-border but tax administrations remaining confined to their national borders, by providing an open international architecture. Singapore has activated three new Automatic Exchange of Financial Account Information (AEOI) relationships under the Multilateral Competent Authority Agreement (MCAA) on Automatic Exchange of Financial Account...

Indonesia, Singapore to Exchange Financial Data in September

TEMPO.CO, Jakarta – Directorate General of Tax stated that financial data exchange and Automatic Exchange of Information (AEOI) for taxation purposes with Singapore will begin in September 2018. “We will begin information exchange with Singapore in September 2018,” said international taxation director at the tax DG John Hutagaol in Jakarta...

Panama inks multilateral tax pact to end bank secrecy

NEW DELHI, JANUARY 16: Panama, a popular tax haven that was in the eye of a data-leak storm dubbed ‘Panama Papers’ in 2016, has finally signed an international agreement that would pave the way for exchange of financial account information with the international community. By signing this agreement — CRS...

Qatar Commits Support To All Of The OECD’s Tax Work

Qatar has become the 115th jurisdiction to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. The Convention is touted by the OECD as “the most powerful instrument for international tax cooperation.” It provides for all forms of administrative assistance in tax matters: exchange of information on request,...

Bahamas Must ‘Get Across Line’ On Tax Automatic Exchange

THE Government has been urged to “get across the line before year-end” on global tax information exchange standards, amid hope the relevant legislation will reach Parliament tomorrow. Michael Paton, a former Bahamas Financial Services Board (BFSB) chairman, told Tribune Business that the Bahamas needed to upgrade its existing legislation to...

Greek Revenue Services, US IRS Sign Agreement for Tax Data Exchange

The US IRS announced this week on its website that the US has entered into a bilateral competent authority agreement with Greece to exchange country-by-country reports on multinationals. The agreement between the IRS and the Greek Independent Authority for Public Revenue, signed September 27, puts into effect a 2015 deal...

The common reporting standard – your foreign bank account could be coming to Nigeria

If you live in Nigeria and you have a foreign bank account; you should read this.If things go as planned, the FIRS will soon have access to information on the money and other financial investments that you have in your foreign bank account. This will happen when the Common Reporting...

Indonesia, Switzerland Agree to Tax Information Exchange

Indonesia and Switzerland have signed a joint declaration on Automatic Exchange of Financial Account Information (AEOI) yesterday. The signing was held at the Directorate General of Tax in Central Jakarta. At the signing ceremony, Indonesia was represented by Director General of Tax for the Finance Ministry Ken Dwijugeasteadi and Switzerland...

UK Legislates For Broader Automatic Tax Information Exchange

HM Revenue and Customs has updated the International Tax Compliance Regulations to include provisions on new automatic tax information exchange agreements and to clarify how non-compliance penalties will apply. The amendment clarifies due diligence and reporting requirements for financial institutions, to ensure the UK complies with international tax reporting standards,...

New transfer pricing requirements in Latin America under BEPS

Several countries in Latin America have established new transfer pricing documentation obligations associated with the OECD’s Base Erosion and Profit Shifting (BEPS) initiative. In this new year, Mexico, Colombia and Peru have included in their local legislation new documentation requirements that follow a three-tiered approach: country-by-country (CbC) report, master file,...

German Multinationals Fear Disclosure of Global Tax Reports

Multinational companies headquartered in Germany worry that when they report their global tax and profits for 2016, some countries will leak their country-by-country reports to the press. German parents of multinational groups with annual consolidated group revenue of at least 750 million euros ($797 million) are required to file, with...

Automatic Exchange of Information and Common Reporting Standards in Malaysia

In efforts towards global transparency, over 100 countries have agreed to automatically exchange information relating to financial accounts (AEOI) with each other under the Convention on Mutual Administrative Assistance in Tax Matters (Convention). The OECD had also developed the Common Reporting Standards (CRS) which set out the common information to...

Cyprus: Country-By-Country Reporting Under Base Erosion And Profit Shifting Action 13

Cyprus signed the Organisation for Economic Co-operation and Development’s Multilateral Competent Authority Agreement for the Automatic Exchange of Country-by Country Reports between its member states on 1 November 2016 after approval by the Council of Ministers at its meeting held on 28 September 2016. Following publication in the government gazette...

Switzerland: Federal Council Adopts Dispatch On Exchange Of Country-By-Country Reports

On 23 November 2016, the Swiss Federal Council adopted the dispatch on the Multilateral Agreement on the exchange of Country-by-Country Reports (CbCRs) and draft federal implementing legislation. The proposal is aimed at implementing the minimum standard of the G20 countries and the OECD to combat base erosion and profit shifting...

UAE to begin implementing G20 and OECD procedures

94 countries have committed to implement the joint disclosure system by 2017 and 2018 Abu Dhabi: The Ministry of Finance (MoF) has announced that the UAE will begin implementing the standards of joint disclosures and the exchange of information for tax purposes set out by the G20 and Organisation for...

Switzerland Adopts Ordinance On International AEOI

Switzerland’s Ordinance on the International Automatic Exchange of Information (AEOI) in Tax Matters will enter into force on January 1, 2017. The Swiss Federal Council adopted the ordinance on November 23. The ordinance contains the Federal Council’s implementing provisions for the Federal Act on the International Automatic Exchange of Information...

Switzerland and South Africa sign joint declaration on introduction of AEOI

On 24 November 2016, Switzerland and South Africa signed a joint declaration on the introduction of the automatic exchange of information (AEOI) in tax matters on a reciprocal basis. Both countries intend to start collecting data in accordance with the global AEOI standard in 2018 and to exchange it from...

Liechtenstein Ratifies Multilateral CbC Report Pact

On August 22, 2016, Liechtenstein filed its instrument of ratification of the Multilateral Competent Authority Agreement on country-by-country (CbC) reporting. With the move, Liechtenstein will be able to share the information contained in the CbC reports with tax treaty partners that have implemented the necessary reporting standards. Liechtenstein was among...

Kuwait inks Int’l treaty to combat tax evasion

The State of Kuwait has joined the Multilateral Competent Authority Agreement for swapping taxation information according to criteria of the Development and Economic Cooperation Organization (OECD), becoming the first Arab country to ink the relevant international treaty. Kuwait Finance Undersecretary Khalifa Hamada said in a statement that he led the...

Luxembourg Proposes Law To Enact Global Tax Reporting Rules

Companies doing business in Luxembourg will be required to file global tax information now that the nation has released draft legislation to implement new international tax reporting rules. The rules—known as country-by-country reporting—would require companies to submit a global blueprint outlining the location of their operations, taxes paid, income earned,...

Nine measures taken by government to curb black money

The government is hell-bent on cracking down on black money and undisclosed income of Indians within the country and safely stowed away abroad. While there is no proper estimation of the actual amount of black money in the economy, the government is actively taking measures to stop it. Recent media...

Germany Adopts Law On CbC Reporting And Tax Rulings

The German Federal Cabinet has adopted a bill to implement key aspects of the OECD’s base erosion and profit shifting (BEPS) recommendations and the European Union’s administrative cooperation directive. The Act Concerning the Implementation of Changes to the EU Administrative Cooperation Directive and of Additional Measures against Base Erosion and...

Dominican Rep, Nauru Sign OECD Tax Convention

The Dominican Republic and Nauru signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters on June 28, 2016. The two countries are the 97th and 98th jurisdictions to sign the Convention. Nauru, a tiny island nation in Micronesia, has already deposited its instrument of ratification to bring the...

Five More Countries Agree To Exchange CbC Reports

A further five countries have signed the OECD’s Multilateral Competent Authority Agreement for the automatic exchange of country-by-country (CbC) reports, bringing the total number of signatories to 44. The Agreement allows all signatories to bilaterally and automatically exchange CbC reports with each other, as contemplated by base erosion and profit...

Global Tax Update – June 2016

Asia Pacific The January – March edition of tax highlights for the Asia Pacific region highlights industry developments from Australia, China, Hong Kong, India, Indonesia, Korea, Malaysia and Singapore including: Australia’s new tax system for Managed Investment Trusts The final stage of China’s B2V reform to be rolled out from...

India Signs OECD Country-by-Country Reporting Agreement

In an ongoing effort to increase transparency by multinational enterprises (MNEs), India joined Canada, Iceland, Israel, New Zealand and the People’s Republic of China in becoming the 39thsignatory to the OECD ‘s Multilateral Competent Authority agreement for the automatic exchange of Country-by-Country reports (CbC MCAA). The Country-by-Country Reporting Agreement was...

Russia Signs OECD Agreement on Common Reporting Standard

May 18 — Russia agreed to automatically share financial account information but passed up an opportunity the same day on a similar agreement to exchange company country-by-country reports. Russia signed the OECD’s common reporting standard (CRS) multilateral competent authority agreement May 12 at a meeting of tax administration heads in...

China plans to get tough on corporate tax evasion

China is joining an international effort to tackle tax evasion, with plans to require multinationals to disclose more detailed information on their overseas affiliates, according to taxation consultants who advised the government on the new rules. The proposed regulations would make it more difficult for large companies to avoid taxes...

Government of Canada Signs International Agreement on Enhanced Tax Reporting by Large Multinationals

National Revenue Minister Diane Lebouthillier announced today that the Government of Canada has taken another step to stop the unfair practice of aggressive tax planning by signing an international agreement to implement stronger international reporting obligations for large multinational enterprises (MNEs). Thirty-one other jurisdictions have also signed the agreement. The...

Panama Papers : Panama commits to automatic exchange of tax data

Global economic body OECD today said Panama, along with few other jurisdictions, has committed to the internationally accepted norm of “automatic” sharing of financial and tax data with other countries, a development coming in the backdrop of the ‘Panama Papers’ offshore assets leaks where at least 500 Indian names have...

Thomson Reuters Releases Special Report on OECD”s Country-by-Country Reporting Requirements

Thomson Reuters Checkpoint has just released a special report addressing the European Commission’s Anti-Tax Avoidance Package (ATA) and other global Country-by-Country Reporting (CbCR) developments designed in conformity with the OECD BEPS Action 13 recommendations. The report, BEPS Filing Requirements for Multinationals Under Country-by-Country Reporting, will help multinational enterprises (MNEs) gauge...

Mexico: Multilateral Agreement For Automatic Exchange Of Transfer Pricing Documentation

On January 27, 2016, 31 Countries (among them Mexico) signed the Multilateral Competent Authority Agreement for automatic exchange of Country-by-Country reports (the “Agreement”) to be received from their taxpayers as part of the implementation of Action 13 of the Base Erosion and Profit Shifting Action Plan issued by the Organisation...

Tax Agencies To Recap On BEPS Implementation In May

The mid-May plenary of the OECD’s Forum on Tax Administration will review members’ progress on implementing the OECD’s base erosion and profit shifting (BEPS) recommendations and discuss next steps. Representatives from tax administrations will discuss how to better provide technical assistance to developing countries with the support of international organizations....

South Africa Issues Draft CbC Regulations

The South African Revenue Service (SARS) has issued draft regulations for the purpose of specifying a new country-by-country (CbC) reporting standard for multinational enterprises (MNEs). Legislative amendments to the Tax Administration Act, 2011, were effected during 2015 in order to implement CbC reporting in South Africa. They implement the OECD’s...

ICC Chamber of Commerce : welcomes OECD plan to include developing countries in implementation of BEPS

The International Chamber of Commerce (ICC) welcomes the Organisation for Economic Co-operation and Development’s (OECD) plan to allow all countries to participate on an equal footing with OECD and G20 countries in the implementation of the OECD/G20 Base Erosion Profit Shifting (BEPS) plan. The framework announced by the OECD early...

Senegal signs multilateral agreements to fight tax avoidance and evasion

Senegal on February 4 signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, becoming the 93rd jurisdiction to sign the document, and the Multilateral Competent Authority Agreement for the automatic exchange of Country-by-Country reports, becoming the 32nd signatory to that agreement, the OECD has announced. The Multilateral Convention...

OECD BEPS deal of little significance to mining right now

JOHANNESBURG – A data sharing agreement signed by 31 countries – including South Africa – in a bid to enhance transparency by multinational enterprises, is unlikely to have an immediate impact on mining companies. Through the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reporting, signed by members of...

Secret accounts overseas urged to be reported

Those who have been hiding their income or wealth overseas had better think again, as Korea will soon be exchanging financial information with multiple countries, including tax havens. They are advised to voluntarily report it to the government before the end of March to be given a grace period, said...

31 nations sign agreement on exchange of country-by-country transfer pricing reports

In an effort to provide their tax administrations with more tools to combat corporate tax avoidance through transfer pricing, officials from 31 countries today signed an agreement setting out the parameters for automatic exchange of country-by-country reports on large multinational corporations. The agreement — the Multilateral Competent Authority Agreement on...

Global fight against corporate tax avoidance takes off

NEW DELHI, JANUARY 26:Ministers and top tax officials from more than 30 countries including India will sign an international agreement on Wednesday to significantly advance the fight against corporate tax avoidance. This agreement – Multilateral Competent Authority Agreement (MCAA) – will be signed at the OECD in Paris, sources said....

BVI Enacts Legislation Implementing OECD Common Reporting Standard

The government of the British Virgin Islands (“BVI“) has amended the Mutual Legal Assistance (Tax Matters) Act, 2003 in order to enact domestic legislation implementing the OECD Common Reporting Standard (“CRS“) which was published on 31 December 2015 (the “BVI CRS Legislation“). It is not currently intended to issue guidance...