CbC Reporting Competent Authority Agreement (United Kingdom)

Summary

This is the Country-by-Country (CbC) Reporting Competent Authority Agreement between the British Virgin Islands and the United Kingdom, signed 31 October 2019. It establishes the framework under which the two jurisdictions' tax authorities automatically exchange CbC reports for multinational enterprise groups with constituent entities in both territories. The extracted text available here covers only the termination clause and signature page, not the substantive exchange provisions.

• Termination: Either Competent Authority may terminate the Agreement by giving written notice to the other; termination takes effect on the first day of the month following the expiry of 12 months after the notice date.
• Post termination confidentiality: Information already exchanged under the Agreement remains confidential and continues to be governed by the terms of the underlying Tax Information Exchange Agreement (TIEA) even after termination.
• Signatories: Signed for the United Kingdom by John Shuker (Deputy Director, Head of International Collaboration and Transparency) and for the British Virgin Islands by the Director of the International Tax Authority.

Because the source extract is limited to the closing pages, the full scope of reporting and exchange obligations under this Agreement is not captured in this summary; readers should consult the full PDF for the operative exchange provisions.

Key obligations

• A Competent Authority terminating the Agreement must give written notice, with termination taking effect on the first day of the month following expiry of 12 months from the notice date
• Information already received under the Agreement must remain confidential and subject to the TIEA even after termination

Applies to

Competent Authority for the British Virgin Islands (International Tax Authority), Competent Authority for the United Kingdom, Multinational enterprise groups subject to Country-by-Country reporting

Deadlines

• 12 months after the date of the notice of termination: Termination of the Agreement becomes effective on the first day of the month following expiration of this 12 month period after notice is given