On 27 March 2019 India and the United States signed an inter-governmental agreement on the exchange of country-by-country reports.(1) Under this agreement, both countries can exchange country-by-country reports pertaining to financial years commencing on or after 1 January 2016 which are filed by the ultimate parent entities of international groups in either jurisdiction. As a result of this agreement, Indian constituent entities of international groups which are headquartered in the United States and have already filed country-by-country reports in that jurisdiction do not have to file such reports in India.

For further information on this topic please contact Pranay Bhatia at BDO in India by telephone (+91 22 3332 1600) or email ([email protected]). The BDO in India website can be accessed at www.bdo.in.

Endnotes

(1) Press Information Bureau press release of 27 March 2019 read with Central Board of Direct Taxation press release of 15 March 2019.