As per the report published by the Organisation for Economic Co-operation and Development (OECD), India and five other countries have signed a multilateral pact for automatic exchange of information on tax issues and developing new tools to tackle the tax evasion. The signing ceremony of the agreement took place in Beijing, China.
The pact allows all signatories to bilaterally and automatically exchange Country-by-Country Reports with each other. It will help to ensure that the tax administrations obtain a complete understanding of how the multinational enterprises structure their operations, while also ensuring that the confidentiality of such information is safeguarded. Earlier, Australia, France, Germany, Japan, Liechtenstein, Malaysia, Italy and the UK have already signed the agreement.
So now let’s discuss some questions related to this post :
1. Name all the five countries who have signed the pact on tax info Sharing ?
2. Expand the term OECD and name the place where the signing ceremony of the pact has taken place ?
Courtesy : Economic Times