The Organization for Economic Cooperation and Development (OECD)
released an implementation package on June 8, 2015 for its
country-by-country reporting template developed under Action 13 of
the OECD Base Erosion and Profit Shifting (BEPS) Action Plan.
According to the OECD, country-by-country reporting will allow
tax administrations to better understand the business operations of
multi-national enterprises, while safeguarding the confidentiality
of such information. The implementation package includes model
legislation that requires a parent of a multinational group to file
the country-by-country report in its jurisdiction of residence,
including backup filing requirements. Also included in the package
are three model competent authority agreements that can be used to
facilitate the exchange of country-by-country reports between
different tax jurisdictions.
