South Africa signs tax co-operation agreement enabling automatic sharing of country-by-country information.

On 27 January 2016 South Africa, along with 30 other countries, signed the Multilateral Competent Authority Agreement (“MCAA”). The MCAA in essence allows for the automatic exchange of Country-by-Country reports with an aim of ultimately assisting tax administrations around the globe to identify transfer pricing risks. Being a multilateral framework agreement, each signatory has control over which exchange relationship it enters into. In addition, each signatory’s standards on confidentiality and data protection always apply.