Faroe Islands Signs Multilateral Agreement on Exchange of CbC Reports

According to an update from the OECD, the Faroe Islands signed the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports (CbC MCAA) on 17 May 2023. The Faroe Islands' CbC reporting requirements have generally applied from 20 December 2019 by MNE groups meeting a DKK 5.6 billion consolidated group revenue threshold.