The U.S. IRS has published the bilateral competent authority arrangement on the exchange of Country-by-Country (CbC) reports with Jersey. The arrangement was signed 7 December 2017 and is operative (effective) from that date. The arrangement provides that pursuant to Article 5A (Automatic Exchange of Information) of the 2002 Jersey-U.S. tax information exchange agreement, as amended, each competent authority intends to automatically exchange CbC reports received from each reporting entity that is resident for tax purposes in its jurisdiction, provided that, on the basis of the information provided in the CbC report, one or more constituent entities of the MNE group...