{"id":212155,"date":"2019-03-16T14:00:22","date_gmt":"2019-03-16T08:30:22","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=212155"},"modified":"2019-03-19T17:44:23","modified_gmt":"2019-03-19T12:14:23","slug":"signing-of-bilateral-agreement-for-exchange-of-cbc-reports-between-india-and-usa","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/03\/16\/signing-of-bilateral-agreement-for-exchange-of-cbc-reports-between-india-and-usa\/","title":{"rendered":"Bilateral Agreement for Exchange of &#8220;CbC Reports&#8221; signed between India and USA"},"content":{"rendered":"<p style=\"text-align: justify;\">Sub-section (4) of Section 286 of the Income-tax Act, 1961 requires that a constituent entity of an international group, resident in India, other than a parent entity or an alternate reporting entity of an international group, resident in India, shall furnish the Country-by-Country (CbC) Report in respect of the said international group for a reporting accounting year within the period as may be prescribed, if the parent entity of the said international group is resident of a country or territory,\u2014<\/p>\n<ul style=\"text-align: justify;\">\n<li>\u00a0where the parent entity is not obligated to file the CBC Report;<\/li>\n<li>\u00a0with which India does not have an agreement providing for exchange of the CbC Report; or<\/li>\n<li>where there has been a systemic failure of the country or territory and the said failure has been intimated by the prescribed authority to such constituent<br \/>\nentity.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">2. Vide Notification in GSR 1217 (E) dated 18th December, 2018 with effect from 18th December, 2018, amendments to the Income-tax Rules. 1962 (the \u201cRules\u201d) have been carried out to provide that the period for furnishing of the CbC report (local filing) shall be twelve months from the end of the reporting accounting year.<\/p>\n<p style=\"text-align: justify;\">3. Further, vide Circular No.9\/2018, dated 26th December, 2018, CBDT as a one-time measure, in exercise of powers conferred under Section 119 of the Act, extended the period for furnishing of the CbC Report (local filing) in respect of reporting accounting years ending on or before 28 February, 2018 up to 31st March, 2019.<\/p>\n<p style=\"text-align: justify;\">4. The absence of an agreement between India and USA till now entailed a possibility of local filing of CbC Reports in India. However, a Bilateral Competent Authority Arrangement, along with an underlying Inter-Governmental Agreement, for exchange of CbC Reports between India and the USA has now been finalized and will be signed on or before 31st March, 2019. This would enable both the countries to exchange CbC Reports filed by the ultimate parent entities of International Groups in<br \/>\nthe respective jurisdictions, pertaining to the financial years commencing on or after 1st January, 2016. As a result, Indian constituent entities of international groups headquartered in USA, who have already filed CbC Reports in the USA, would not be required to do local filing of the CbC Reports of their international groups in India.<\/p>\n<p><strong>[Press Release dt. 15-03-2019]<\/strong><\/p>\n<p><strong>Central Board of Direct Taxes<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>Ministry of Finance<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sub-section (4) of Section 286 of the Income-tax Act, 1961 requires that a constituent entity of an international group, resident in India, <\/p>\n","protected":false},"author":8808,"featured_media":212156,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8051,2,8],"tags":[34432,34433,6571,30735],"class_list":["post-212155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business_news","category-news","category-treaties_conventions_internationalagreements","tag-bilateral-agreement","tag-cbc-reports","tag-india","tag-usa"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bilateral Agreement for Exchange of &quot;CbC Reports&quot; signed between India and USA | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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keeping with\u00a0India\u2019s commitment to implement the Recommendations of the 2015 Final Report on Action 13, titled\u00a0\u201cTransfer Pricing Documentation and Country-by-Country Reporting\u201d, identified under the OECD Base Erosion and Profit Shifting (BEPS) Project, Section 286 of the Income Tax Act, 1961 (\u2018the Act\u2019) was inserted vide Finance Act, 2016, which\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, 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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\u2026","rel":"","context":"In &quot;News&quot;","block_context":{"text":"News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":272111,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/23\/rbi-introduces-overseas-direct-investment-vide-fem-overseas-investment-regulations-2022\/","url_meta":{"origin":212155,"position":2},"title":"RBI issues Overseas Direct Investment vide FEM (Overseas Investment) Regulations, 2022","author":"Bhumika Indulia","date":"August 23, 2022","format":false,"excerpt":"On 22-08-2022, the Reserve Bank of India (\u2018RBI') has issued the Foreign Exchange Management (Overseas Investment) Regulations, 2022 to facilitate business between Indian and foreign entities. Key Points: Indian entity can lend or invest in any debt instrument issued by the foreign entity or extend non- fund-based commitment after fulfilling\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":171824,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/11\/28\/clarification-indias-position-acceptance-map-bilateral-apa-cases-countries-art-92-oecd-model-tax-commentary-absent\/","url_meta":{"origin":212155,"position":3},"title":"Clarification of India\u2019s position on acceptance of MAP and bilateral APA in cases of countries where Art. 9(2) of OECD Model Tax Commentary is absent","author":"Saba","date":"November 28, 2017","format":false,"excerpt":"A number of references have been received from time to time regarding the acceptance of applications pertaining to Transfer Pricing MAP cases and Bilateral Advance Pricing Agreements (APAs) where the Associated Enterprise (AE) of the Indian entity is resident of a country with which India has entered into a Double\u2026","rel":"","context":"In &quot;News&quot;","block_context":{"text":"News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":253391,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/30\/cbdt-extends-due-dates-for-electronic-filing-of-various-forms-under-the-income-tax-act-1961-2\/","url_meta":{"origin":212155,"position":4},"title":"CBDT extends due dates for electronic filing of various Forms under the Income-tax Act, 1961","author":"Bhumika Indulia","date":"August 30, 2021","format":false,"excerpt":"The Central Board of Direct Taxes (CBDT) has further extend the due dates for electronic filing of such Forms. The further details are as under: The application for registration or intimation or approval under Section 10(23C), 12A, 35(1)(ii)\/(iia)\/(iii) or 80G of the Act in Form No. 10A required to be\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"CBDT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":286669,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/03\/10\/ministry-of-finance-notified-prevention-of-money-laundering-maintenance-of-records-amendment-rules-legal-research-legal-update-legal-news\/","url_meta":{"origin":212155,"position":5},"title":"&#8220;Implementation of Policies by groups&#8221; introduced vide PML (Maintenance of Records) Amendment Rules, 2023","author":"Kriti","date":"March 10, 2023","format":false,"excerpt":"On 7-3-2023, the Ministry of Finance notified the Prevention of Money- laundering (Maintenance of Records) Amendment Rules, 2023 to amend the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. The provisions came into effect on 7-3-2023. Key Points: The definition of \u201cGroup\u201d has been inserted. 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