U.S. IRS Expects CbC Report Exchange Agreements to be Completed in Timely Manner but May Not Cover all Countries

While speaking at the Pacific Rim Tax Conference held 9 March 2017 in Redwood City, California, Commissioner Douglas O'Donnell of the IRS Large Business and International Division noted the status of negotiations for competent authority agreements for the purpose of exchanging CbC reports. According to O'Donnell, negotiations are ongoing with jurisdictions that currently have both information exchange instruments with the U.S. and adequate data safeguards. The IRS expects that the competent a…