As part of continuing efforts to boost tax transparency by international corporations; the following 5 countries have signed the MCAA (Multilateral Competent Authority Agreement) for the automatic exchange of Country-by-Country reports:
The Isle of Man.
This now brings the total number of joined members to 48. This also marks a momentous breakthrough towards the implementation of the OECD-BEPS Project and shows a significant increase in international cooperation regarding tax affairs.
Country-by-country reporting will require businesses to provide comprehensive information each year, in for every country where they are conducting business activities, involving the global distribution of income and tax information, together with other indicators of the location of economic activity within the company sector. It will also cover information about which entities do business in a particular jurisdiction and the business activities each entity engages in.