The OECD held a signing ceremony last month for the 31 states who have agreed to automatically exchange information gathered by their respective tax authorities in Country by Country reports. Ireland and the UK are among the 31 signatories.

The Multilateral Competent Authority Agreement (MCAA) for the automatic exchange of Country-by-Country reports is derived from Action 13 of the BEPS Action Plan. Ireland introduced section 891H into the Taxes Consolidation Act 1997 in Finance Act 2015 to provide for Country By Country Reporting (CbCR). This means that multinational groups whose parent company is tax resident in Ireland and whose consolidated turnover is more than €750 million will be required to file annual CbC reports to Revenue. The reports will set out information on the group’s revenues, profits, taxes, assets, etc. for each jurisdiction in which it operates. The Irish Revenue will then automatically share this information with the member states signed up to the MCAA in whose jurisdiction the multinational group operates.