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of <h1>India Enacts Multilateral Agreement for Automatic Exchange of Country-by-Country Tax Reports to Boost Global Transparency</h1> The Central Government of India has officially notified the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country (CbC) Reports, effective from May 12, 2016. This agreement, aligned with the Convention on Mutual Administrative Assistance in Tax Matters, aims to enhance international tax transparency by enabling the automatic exchange of CbC Reports among jurisdictions. These reports will provide tax authorities with information on the global allocation of income, taxes paid, and economic activities of Multinational Enterprise Groups. The agreement includes provisions for confidentiality, data safeguards, and the appropriate use of exchanged information, ensuring compliance and enforcement across participating jurisdictions.
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