15/06/20

CURACAO: Jurisdiction agrees to exchange country-by-country tax reports on large multinational groups along with US.

As published on curacaochronicle.com, Friday 12 June, 2020.

WASHINGTON, WILLEMSTAD - US Treasury this week announced that the US and Curaçao have signed a competent authority agreement permitting the exchange country-by-country reporting data on large multinational groups.

The agreement between the US and Curaçao, signed May 14, will simplify existing tax reporting burdens of large multinationals headquartered in the two countries.

It will also allow the two countries’ tax authorities to more easily acquire information about large multinationals operating in their countries to help determine if multinationals might be engaging in tax avoidance through inappropriate transfer pricing or other means.

The country-by-country reporting system was established in the 2015 OECD/G20 base erosion profit shifting (BEPS) plan agreements. Both the US and Curaçao are members of the “Inclusive Framework on BEPS,” a coalition of over 130 countries that have pledged to implement country-by-country reporting and other “minimum standards” resulting from the BEPS project.

The new agreement is operative on May 14, the date of its signature.