India's Ministry of Finance has announced that an Inter-Governmental Agreement (IGA) for the Exchange of Country-by-Country (CbC) Reports was signed with the U.S. on 27 March 2019 ({News-2019-03-18/T/4-previous coverage}). According to the announcement, this Agreement for Exchange of CbC Reports, along with the Bilateral Competent Authority Arrangement (CAA) between the two Competent Authorities, will enable both the countries to automatically exchange CbC Reports filed by the ultimate parent entities of Multinational Enterprises (MNEs) in the respective jurisdictions, pertaining to the years commencing on or after 1 January 2016. It would also obviate the need for Indian subsidiary companies of U.S....