Thirty-one countries on January 27, 2016 signed the Multilateral Competent Authority Agreement (MCAA) to boost transparency in the functioning of
Greece, Ireland, Italy, Japan, Liechtenstein, Luxembourg, Malaysia, Mexico, Netherlands, Nigeria, Norway, Poland, Portugal, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Switzerland and United Kingdom.
OECD/G20 Base Erosion and Profit Shifting Project refers to tax-planning strategies that exploit the gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations where there is little or no economic activity, resulting in little or no overall corporate tax being paid. It sets out 15 key actions to reform the international tax framework and ensure that profits are reported where economic activities are carried out and value created. It was jointly developed by the Organisation for Economic Co-operation and Development (OECD) and the G20 to provide governments with solutions for
modernising international tax rules. The project assumes find the best books for gate exam significance as estimates conservatively indicate that BEPS problem causes annual losses of anywhere from 4 to 10 percent of global corporate income tax (CIT) revenues that is $100 billion to 240 billion.