Israel backs OECD's country-by-country corporate tax reporting

·1-min read

JERUSALEM (Reuters) - Israel's government said on Sunday it would require large multinational companies to report their operations on a country-by-country basis, joining a push by the OECD to eliminate income tax avoidance.

The information reported by multinational groups with revenues of at least 750 million euros ($890 million) will be shared with other countries as part of the Organisation for Economic Co-operation and Development's (OECD) project, said Israel's Finance Ministry after cabinet ministers approved the measure. Israel will receive similar data from abroad.

"This will allow the tax authorities in Israel and around the world to better determine the price of transactions between parties in the group, and as a result the tax required in each country," the ministry said.

($1 = 0.8429 euros)

(Reporting by Ari Rabinovitch; Editing by Steven Scheer)

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