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.
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Very good news indeed.
How will such agreements be monitored might I ask?
That’s the tough question
The OECD is putting in place monitoring and appeals systems but we will never know
Will it deliver tax data?
It is now generally thought to be the most effective instrument ever created for detecting the likelihood of profit shifting
This shames our parliamentary MP’s.