Bermuda has become the 33rd country to sign the Multilateral Competent Authority Agreement for the automatic exchange of country-by-country reports, giving effect to BEPS Action 13. Under the agreement, tax administrations of countries where a multinational group operates will receive annual information on the global allocation of income and taxes paid, together with other indicators of the location of economic activity with the group. First exchanges will start in 2017/18, based on 2016 accounts.
Bermuda has become the 33rd country to sign the Multilateral Competent Authority Agreement for the automatic exchange of country-by-country reports, giving effect to BEPS Action 13. Under the agreement, tax administrations of countries where a multinational group operates will receive annual information on the global allocation of income and taxes paid, together with other indicators of the location of economic activity with the group. First exchanges will start in 2017/18, based on 2016 accounts.
