On 12 May 2016, officials from Canada, China, Iceland, India, Israel and New Zealand signed the Multilateral Competent Authority Agreement (MCAA) for the exchange of Country-by-Country (CbC) reports during a signing ceremony in Beijing. The signing brings the total number of signatories to 39.
As part of the conditions for signing the CbC MCAA, signatories must be a party to the OECD Council of Europe Convention on Mutual Administrative Assistance in Tax Matters and have (or commit to introduce) CbC reporting requirements. Of the six new signatories, most have already announced plans to introduce CbC requirements for fiscal years beginning on or after 1 January 2016, while those that have not, are expected to in the near future.
Click the following link for the list of the CbC MCAA signatories to date.
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