Multiple Choice Questions on With reference to Country by Country CbC Report consider following statements It is part of the........... for UPSC Civil Services Examination (General Studies) Preparation

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Multiple Choice Questions

With reference to Country by Country CbC Report consider following statements It is part of the...........

Economic Affairs Tax System
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    With reference to Country-by-Country(CbC) Report, consider following statements

    1. It is part of the OECD Base Erosion and Profit Shifting(BPES) Action Plan 13.
    2. India has signed the Multilateral Competent Authority Agreement (MCAA) for exchange of CbC reports.
    3. The report aggregates country-by-country information relating to the global allocation of income,taxes paid and certain other indicators of an MNC.

    Select the correct statement.

    1&2 only

    Incorrect Answer

    2&3 only

    Incorrect Answer

    1&3 only

    Incorrect Answer

    All of the above

    Correct Answer
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    Explanation:
    • The BEPS Action 13 report provides the multinational enterprises(MNEs) to report annually and for each tax jurisdiction in which they do business the information set out therein.This report is called the Country by Country(CbC) Report.
    • India has signed the Multilateral Competent Authority Agreement (MCAA) for exchange of CbC reports.
    • The report aggregates country-by-country information relating to the global allocation of income,taxes paid and certain other indicators of an MNC.
    • It also contains a list of all the group companies operating in a particular jurisdiction and the nature of the main business activity of each such constituent entity.

    By: Shubham Tiwari
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