India Along with Others Five Countries Inks Deal on Tax Info Sharing [ Current Affairs ]

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India and other 5 countries like Canada, Iceland, Israel, New Zealand and China have inked Organization for Economic Co-operation and Development (OECD’s) Multilateral Competent Authority Agreement in Beijing (China).

  • The joint agreement purposes at increasing involuntary conversation of information on tax subjects and emerging new apparatuses to challenge the tax evasion.

Key facts

  • The pact allows all participants to jointly and automatically exchange Country-by-Country Reports with each other.
  • It is intended to deliver tax managements with information required to battle tax escaping through transfer pricing.
  • It will help to ensure that the tax administrations obtain a complete sympathetic of how the MNCs construct their processes by safeguarding discretion of such information.
  • And with this, these 6 countries have joined 33 other countries that have by now signed the agreement containing Australia, France, Germany, Japan, Malaysia, Italy and United Kingdom.
  • The multilateral agreement aims to give effect to ideals developed in G20/OECD base erosion profit shifting (BEPS) project.
  • The project is troubled with transmission valuing certification and country-by-country reporting.

- Published on: May 16, 2016