According to a recent statement from Michael McDonald, financial economist with the U.S. Treasury Office of Tax Analysis, temporary regulations will be issued by the end of 2015 for the implementation of the country-by-country (CbC) reporting requirement developed as part of Action 13 of the OECD BEPS Project ({News-2015-10-06/A/2- previous coverage}). The regulations are expected to apply for tax years beginning on or after 1 January 2016, with the first CbC reports filed in 2017 and exchanged in 2018.