On Wednesday 27 January 2016, 31 countries (including Nigeria) signed the Multilateral Competent Authority Agreement (MCAA) for the automatic exchange of Country-by-Country reports. According to the OECD, this is part of continuing efforts to boost transparency by multinational enterprises (MNEs) and the signing marks an important milestone towards implementation of the OECD/G20 BEPS Project. It is also a significant indication of cross-border cooperation on tax matters.
The MCAA will enable consistent and swift implementation of new transfer pricing reporting standards developed under the BEPS Action Plan. It will ensure that tax administrations obtain a complete understanding of the way MNEs structure their operations, while also ensuring that the confidentiality of such information is safeguarded.
You can read more here: OECD Press Release on MCAA
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