BEPS Action 13: OECD releases CbC reporting implementation status

On May 4th, another important step was taken to implement Country-by-Country Reporting in accordance with the BEPS Action 13 minimum standard, through activations of automatic exchange relationships under the Multilateral Competent Authority Agreement on the Exchange of CbC Reports ('the CbC MCAA'). With over a year still to go before the first exchanges of CbC Reports take place, more than 700 automatic exchange relationships have now been established among jurisdictions committed to exchanging CbC Reports as of 2018, including those between EU Member States under EU Council Directive 2016/881/EU.