Representatives of more than 80 countries and jurisdictions have gathered in Kyoto, Japan (June 30 – July 1) to push forward ongoing efforts to update international tax rules for the 21st century, the latest step in the OECD/G20 Project to tackle [Base Erosion and Profit Shifting ]( This inaugurates the new inclusive framework on BEPS implementation, with the OECD’s Pascal Saint-Amans, Director of the OECD Centre for Tax Policy and Administration saying, *”Today we launch a new era in international tax. Through their participation in the decision-making as well as the technical working groups of the OECD’s Committee on Fiscal Affairs, the members of the inclusive framework will now have a direct influence in shaping international tax rules to tackle BEPS and ensuring a level playing field.”*

Thirty-six countries and jurisdictions have already formally joined the new inclusive framework on BEPS, and have committed to implement the BEPS package, bringing to 82 [the total number of countries and jurisdictions]( participating on an equal footing in the Project. Some 21 other countries and jurisdictions attending the Kyoto meeting are likely to join the inclusive framework in the coming months.

In Kyoto, five countries – Argentina, Curacao, Georgia, Korea, and Uruguay – signed the [Multilateral Competent Authority agreement]( for the automatic exchange of Country-by-Country reports (“CbC MCAA”) under the BEPS Project, bringing the [total number of signatories to 44 countries]( The CbC MCAA allows all signatories to bilaterally and automatically exchange Country-by-Country Reports with each other, as contemplated by Action 13 of the BEPS Action Plan. It will help ensure that tax administrations obtain a complete understanding of how MNEs structure their operations, while also ensuring that the confidentiality of such information is safeguarded.

Click [here]( for OECD Release