Tax agreement over multinationals signed

Under the new arrangement, multinationals will be required to provide details of the income and taxes paid in each jurisdiction where they have a presence, as well as provide indicators as to where they carry out their business activities.

Senator Ian Gorst signed the new agreement, which is called a Multilateral Competent Authority Agreement, in Paris on Friday along with delegates from Guernsey, the Isle of Man, Latvia and Brazil.

The MCAA is part of the Base Erosion and Profit Shifting Action Plan, implemented by the Organisation for Economic Co-operation and Development.

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