{"id":212537,"date":"2019-03-28T17:00:32","date_gmt":"2019-03-28T11:30:32","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=212537"},"modified":"2019-03-28T17:06:29","modified_gmt":"2019-03-28T11:36:29","slug":"signing-of-inter-governmental-agreement-for-exchange-of-country-by-country-reports-between-india-and-the-united-states-of-america","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/03\/28\/signing-of-inter-governmental-agreement-for-exchange-of-country-by-country-reports-between-india-and-the-united-states-of-america\/","title":{"rendered":"Inter-Governmental Agreement signed for exchange of country by country reports between India and the United States of America"},"content":{"rendered":"

India and the United States of America on the 27th<\/sup>\u00a0March, 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 (\u201cMNEs\u201d) in the respective jurisdictions, pertaining to the years commencing on or after 1st<\/sup>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.<\/p>\n

India has already signed the Multilateral Competent Authority Agreement (MCAA) for Exchange of CbC Reports, which has enabled exchange of CbC Reports with 62 jurisdictions.<\/p>\n

Filing of CbC Reports by the ultimate parent entity of an MNE group to the prescribed Authority in the jurisdiction in which it is a resident and exchange of such CbC Reports by the Competent Authority of the said jurisdiction with the Competent Authorities of other jurisdictions in which the group has one or more of its constituent entities, are the minimum standards required under the Action 13 Report of OECD\/G20 BEPS Project in which India is an active participant.<\/p>\n

A CbC Report has aggregated country-by-country information relating to the global allocation of income, the taxes paid, and certain other indicators of an MNE group. It also contains a list of all the constituent entities of an MNE group operating in a particular jurisdiction and the nature of the main business activity of each such constituent entity. MNE groups having global consolidated revenue of 750 Million Euros or more (or a local currency equivalent) in a year are required to file CbC Reports in their parent entity\u2019s jurisdiction. The INR equivalent of 750 Million Euros has been prescribed as INR 5500 Crore in Indian rules. This information will enable an enhanced level of assessment of tax risk by both tax administrations.<\/p>\n

Ministry of Finance<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

India and the United States of America on the 27th\u00a0March, 2019, signed an Inter-Governmental Agreement for Exchange of Country-by-Country (CbC) Reports. 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The objective of the agreement is to promote transparency between the two nations on tax matters and improve international tax compliance. The agreement is an important step for the Government\u2026","rel":"","context":"In "Treaties\/Conventions\/International Agreements"","block_context":{"text":"Treaties\/Conventions\/International Agreements","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/treaties_conventions_internationalagreements\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":114001,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/03\/12\/protocol-amending-the-india-belgium-double-taxation-avoidance-agreement-and-protocol-signed\/","url_meta":{"origin":212537,"position":3},"title":"Protocol amending the India-Belgium Double Taxation Avoidance Agreement and Protocol signed","author":"Saba","date":"March 12, 2017","format":false,"excerpt":"India and Belgium have signed a Protocol amending the existing Agreement and Protocol between the two countries for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income today in New Delhi. The Protocol was signed by Shri Sushil Chandra, Chairman Central Board of\u2026","rel":"","context":"In "News"","block_context":{"text":"News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/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, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":194462,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/03\/27\/requirement-of-furnishing-country-by-country-report-under-s-2864-of-income-tax-act-1961-clarified\/","url_meta":{"origin":212537,"position":4},"title":"Requirement of furnishing Country-by Country Report under S. 286(4) of Income Tax Act, 1961 clarified","author":"Saba","date":"March 27, 2018","format":false,"excerpt":"In 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 "Business News"","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, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":72252,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/09\/23\/cabinet-approves-agreement-between-india-and-samoa-for-exchange-of-information-with-respect-to-taxes\/","url_meta":{"origin":212537,"position":5},"title":"Cabinet approves Agreement between India and Samoa for exchange of information with respect to Taxes","author":"Saba","date":"September 23, 2016","format":false,"excerpt":"The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval for signing and ratification of Agreement between India and Samoa for the exchange of information with respect to Taxes. The Agreement will stimulate the flow of exchange of information between India and Samoa for\u2026","rel":"","context":"In "News"","block_context":{"text":"News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/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, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/212537","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=212537"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/212537\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=212537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=212537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=212537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}