The US has agreed on country-by-country reporting rules for multinational corporations

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Some thought that the US would never deliver on country-by-country reporting for tax purposes.

The regulations were agreed on 30 June.

I stress, this is for tax purposes and not for public record. But I still call it progress.

At yesterday's FT Festival of Finance country-by-country reporting was described as the single biggest development in tackling tax abuse by Stephen Shay of Harvard Law School.  Unsurprisingly I agree.