8 May 2017Accounting & tax analysis

OECD updates country-by-country reporting status

The Organisation for Economic Co-operation and Development (OECD) has made a significant step in implementing country-by-country (CbC) reporting with a new wave of activations of automatic exchange relationships.

The BEPS Action 13 report provides a template for multinational enterprises to report annually and for each jurisdiction in which they do business the information set out therein.

This annual report is known as the Country-by-Country (CbC) Report.

More than 700 automatic exchange relationships have now been established among jurisdictions that have committed to exchange CbC reports as of 2018.

The OECD expects more jurisdictions to nominate partners with which they will undertake the automatic exchange of CbC reports in the coming months.

Over 100 countries and jurisdictions are currently collaborating to implement the measures required to tackle tax strategies.

"Today's wave of activations of CbC reporting exchange relationships is an important step towards the timely implementation of country-by-country reporting and reflects the commitment of jurisdictions around the world to the fight against base erosion and profit shifting," the OECD said.