More than 100 jurisdictions have concluded negotiations on a multilateral instrument (MLI) that will swiftly implement a series of tax treaty measures to update international tax rules and lessen the opportunity for tax avoidance by multinational enterprises. The new instrument will transpose results from the OECD/G20 Base Erosion and Profit Shifting Project into more than 2000 tax treaties worldwide. A signing ceremony will be held in June 2017 in Paris.
Business Welcomes the Delivery of the Multilateral Tax Convention
Commenting on the public release of the OECD’s new Multilateral Convention (“the MLI”), Will Morris, BIAC Tax Committee Chair said, “The OECD is to be congratulated on securing the commitment of over 100 OECD and non-OECD countries and jurisdictions in developing the MLI. This was a significant and complex undertaking requiring considerable work. We hope that widespread adoption of the MLI will result in a number of the key BEPS recommendations being implemented in a consistent and coordinated way across many countries, so that tax treaties can continue to perform their fundamental role of preventing double taxation and facilitating the cross-border trade and investment that creates inclusive growth, jobs and wealth for all.”
BIAC will engage with the OECD going forward on issues related to the MLI as part of its continued focus on tax certainty and tax policy that fosters cross-border trade and investment.
To Read the – Multilateral Convention to implement Tax Treaty related measures to prevent BEPS text – click here
To Read the – Explanatory Statement – click here