IEIM230210 - Legal framework for exchange: Underlying Agreements: Multilateral Competent Authority Agreements

Competent Authority Agreements are covered in IEIM230200. A Multilateral Competent Authority Agreement (MCAA) is, as the name implies, one to which multiple Competent Authorities have committed.

The OECD facilitate the MCAAs for the Common Reporting Standard and Country by Country Reporting. Both of these MCAAs are linked to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, which acts as the formal Governmental agreement and legal gateway .

Competent Authorities sign the MCAAs, and then notify the OECD Coordinating Body when they have implemented the necessary steps to implement the Agreement, and also which other jurisdictions they wish to exchange with. This facilitates a streamlined process for the creation of thousands of bilateral Competent Authority Agreements amongst the signatories.