The OECD advises that Canada, Iceland, India, Israel, New Zealand and the People’s Republic of China today signed the Multilateral Competent Authority agreement for the automatic exchange of Country-by-Country reports (“CbC MCAA”). That brings the total number of CbC MCAA signatories to 39 countries – all part of continuing efforts to boost transparency by multinational enterprises (MNEs).

Country-by-country reporting requires MNEs to provide aggregate information annually, in each jurisdiction where they do business, relating to the global allocation of income and taxes paid, together with other indicators of the location of economic activity within the MNE group. It will also cover information about which entities do business in a particular jurisdiction and the business activities each entity engages in.

The OECD also advises that beyond the MCAA signing ceremony Israel and the Russian Federation joined the 80 current signatories to the CRS Multilateral Competent Authority Agreement (“CRS MCAA”), the key international framework agreement for putting in place the automatic exchange on offshore financial accounts foreseen by the OECD Common Reporting Standard (CRS).

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