Regulatory Alerts2020-01-24
Added · Updated
Mutual Administrative Assistance in Tax Matters (Amendment) Act, 2020
The Act amends the Mutual Administrative Assistance in Tax Matters Act, 2014, to implement the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports. It inserts Part IIA, requiring the ultimate parent entity or a surrogate constituent entity of a Multinational Enterprise group with annual consolidated revenue of at least $850 million to file Country-by-Country reports with the Belize Tax Service Department. The legislation defines reporting entities, constituent entities, and systemic failures, and mandates the automatic annual exchange of these reports with other competent authorities starting from the 2019 financial year.
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