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New Zealand To Participate In CbC Report Sharing

by Mary Swire,, Hong Kong

18 May 2016

New Zealand's Revenue Minister, Michael Woodhouse, has said that the recent signing of a multilateral agreement on the exchange of country-by-country reports will boost the country's tax collection capability.

The Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports was recently signed by officials from New Zealand, Canada, China, Iceland, India, and Israel, taking the total number of signatories to 39 countries.

Woodhouse said: "Some large multinationals often have intricate financial arrangements in place to minimize or eliminate tax obligations on their earnings, known as base erosion and profit shifting (BEPS). This new country-by-country reporting agreement goes to the very heart of such activity by allowing participating tax jurisdictions to share and receive information about these large multinationals."

"Under the agreement, large multinationals will have to provide information relating to economic activity, including the global allocation of income and taxes paid," the Revenue Minister said. "Each revenue authority collecting this information will then be able to exchange that information with other treaty partners under the exchange of information arrangements. It will also provide a complete picture of each company's activities in all countries and so encourage compliance and make it easier to spot any tax wrongdoing."

"This agreement delivers on one of the recommendations in the OECD's BEPS Action Plan and builds on Inland Revenue's work to ensure that large multinationals pay their fair share of tax," he said.

TAGS: compliance | tax | business | tax compliance | Iceland | India | tax avoidance | Organisation for Economic Co-operation and Development (OECD) | China | Israel | multinationals | Canada | New Zealand | Tax | Tax Evasion | BEPS

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