Common Contracts
1 similar Inter-Governmental Agreement for Exchange of Country-by-Country Reports contracts
Signing of Inter-Governmental Agreement for exchange of country by country reports between India and the United States of AmericaInter-Governmental Agreement for Exchange of Country-by-Country Reports • March 29th, 2019
India and the United States of America have today, the 27th March, 2019, signed an Inter- Governmental Agreement for Exchange of Country-by-Country (CbC) Reports. The Agreement was signed by Shri P.C.Mody, Chairman, Central Board of Direct Taxes and Mr. Kenneth I. Juster, Ambassador of the United States of America to India on behalf of the two countries. This Agreement for Exchange of CbC Reports, alongwith the Bilateral Competent Authority Arrangement between the two Competent Authorities, will enable both the countries to automatically exchange CbC Reports filed by the ultimate parent entities of Multinational Enterprises (“MNEs”) in the respective jurisdictions, pertaining to the years commencing on or after 1st January, 2016. It would also obviate the need for Indian subsidiary companies of US MNEs to do local filing of the CbC Reports, thereby reducing the compliance burden.
