IoM To Automatically Exchange CbC Reports
by Jason Gorringe, Lowtax.net, London
24 October, 2016
Howard Quayle, the Isle of Man's Chief Minister, has restated the island's commitment to tax co-operation and transparency, noting that it recently signing the OECD Multilateral Competent Authority Agreement for the automatic exchange of country-by-country reports.
The MCAA was developed under Action 13 of the OECD's Base Erosion and Profit Shifting (BEPS) Action Plan on country-by-country (CbC) reporting. By signing up to the MCAA, the Isle of Man has committed to exchanging CbC reports filed by relevant multinational companies within its territory on a multilateral basis.
Country-by-country reporting requires multinational enterprises to provide aggregate information annually, in each jurisdiction where they do business, including in relation to the global allocation of income and taxes paid.
Commenting upon the signing of the MCAA, at a ceremony with OECD Secretary-General Angel Gurria, Quayle said: "The Isle of Man is one of only 22 countries in the world to have received the highest compliance rating from the OECD, and it was especially pleasing to hear the Secretary-General acknowledge our achievement in very positive terms today."
"This was a valuable opportunity to reassure Gurria that although we have a new government in the island, our policy on tax transparency remains unchanged, and I think that message was well received."
He added: "A truly global approach to tax transparency and information sharing is needed. As a well-regulated and internationally responsible country, the Isle of Man is committed to playing its part in efforts to achieve this."
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