The OCED has released the outcomes of the second phase of peer reviews of the BEPS Action 13 Country by Country (CbC) reporting initiative. The report shows strong progress in efforts to improve the taxation of multinational enterprises (MNEs) worldwide.

CbC reporting requires tax administrations to collect and share detailed information on all large MNEs doing business in their country. Information collected includes the amount of revenue reported, profit before income tax, and income tax paid and accrued, as well as the stated capital, accumulated earnings, number of employees and tangible assets, broken down by jurisdiction.

Ecuador and Serbia deposit ratification instruments on Mutual Assistance

Ecuador and Serbia have deposited their instruments of ratification for the multilateral Convention on Mutual Administrative Assistance in Tax Matters. The Convention will enter into force on 1 December 2019 for Ecuador and Serbia.