As part of continuing efforts to boost transparency by multinational enterprises (MNEs), Guernsey and Jersey, together with Brazil, the Isle of Man and Latvia, signed the Multilateral Competent Authority Agreement (MCAA) for the automatic exchange of Country-by-Country reports. The MCAA represents an important milestone in the implementation of the OECD/G20 BEPS Project and a significant increase in cross-border cooperation on tax matters. Further details can be found in this OECD press release.
Speaking on the occasion of the signing in Paris, OECD Secretary-General Angel Gurria said: “I congratulate Brazil, Guernsey, Jersey the Isle of Man and Latvia on their efforts toward implementing the BEPS package, and on their important role in advancing greater international tax cooperation and transparency”.
The Chief Minister of Jersey, Senator Ian Gorst, said: “The signing of the agreement is further evidence of Jersey’s commitment to the BEPS programme and to our continued compliance with the international standards set by the OECD, and other relevant international bodies, on transparency and exchange of information for tax purposes.”
The Deputy Chief Minister of Guernsey, Deputy Lyndon Trott, said: “Guernsey publicly stated its intent to participate in the OECD’s BEPS Project as an Associate in March 2016 and remains committed to the collective aim to reach a globally fair and modern international tax system. It was a privilege to represent Guernsey at the signing of the agreement on 21 October 2016 in Paris to reinforce this commitment.”