The OECD announced that Bermuda has become the 33rd signatory of the Multilateral Competent Authority Agreement for the automatic exchange of Country-by-Country reports (CbC MCAA).

Under the CbC MCAA, tax administrations where a company operates will get information annually relating to the global allocation of income and taxes paid. It will also cover information on other indicators of the location of economic activity within a multinational enterprise group along with information on which entities do business in a particular jurisdiction and the business activities each entity engages in.

The information will be collected by the country of residence of the parent of the MNE group, and will then be exchanged in accordance with the agreements now also signed by Bermuda. First exchanges will start in 2017–2018 on 2016 accounts.