NRI Dunia
Think Outside The Box

India, US to sign bilateral agreement for exchange of CbC reports by March-end

New Delhi: India and US will sign bilateral agreement for exchange of Country-by-Country (CbC) report by March-end, the Finance Ministry said on Friday.

“This would enable both the countries to exchange CbC Reports filed by the ultimate parent entities of International Groups in the respective jurisdictions, pertaining to the financial years commencing on or after 1st January, 2016,” an official release said.

As a result, Indian constituent entities of international groups headquartered in USA, who have already filed CbC Reports in the USA, would not be required to do local filing of the CbC Reports of their international groups in India.