During the annual plenary meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes on 9 November, 22 jurisdictions signed the multilateral competent authority agreement (MCAA) for the automatic exchange of information under the OECD Model Rules for Reporting by Digital Platforms. Ireland was one of the signatories to the MCAA.
The agreement will allow jurisdictions to automatically exchange information collected by operators of digital platforms, with respect to transactions and income realised by platform sellers in the sharing and gig economy and from the sale of goods through such platforms.
15 jurisdictions signed a separate MCAA supporting the Model Mandatory Disclosure Rules on Common Reporting Standard Avoidance Arrangements and Opaque Offshore Structures (CRS Mandatory Disclosure Rules). This agreement will enable the annual automatic exchange of information collected from intermediaries that have identified arrangements to circumvent the Common Reporting Standard (CRS) and structures that disguise the beneficial owners of assets held offshore with the jurisdiction of tax residence of the concerned taxpayers.