The Organization for Economic Cooperation and Development (OECD) released an implementation package on June 8, 2015 for its country-by-country reporting template developed under Action 13 of the OECD Base Erosion and Profit Shifting (BEPS) Action Plan.
According to the OECD, country-by-country reporting will allow tax administrations to better understand the business operations of multi-national enterprises, while safeguarding the confidentiality of such information. The implementation package includes model legislation that requires a parent of a multinational group to file the country-by-country report in its jurisdiction of residence, including backup filing requirements. Also included in the package are three model competent authority agreements that can be used to facilitate the exchange of country-by-country reports between different tax jurisdictions.
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