Greek Revenue Services, US IRS Sign Agreement for Tax Data Exchange

The US IRS announced this week on its website that the US has entered into a bilateral competent authority agreement with Greece to exchange country-by-country reports on multinationals.

The agreement between the IRS and the Greek Independent Authority for Public Revenue, signed September 27, puts into effect a 2015 deal reached by OECD and G20 nations under the base erosion profit shifting (BEPS) plan.

The BEPS plan agreements are designed to give tax authorities tools to better monitor the activities of multinational firms.

The reports will help tax authorities assess whether there is a risk that a multinational firm is not paying the correct amount of tax in Greece or the US through improper transfer pricing or through other means.