OECD: Six More Jurisdictions Sign The MLI To Strengthen Tax Cooperation

; posted on
January 27th, 2018

Six more countries have signed the BEPS Multilateral Convention, namely Barbados, Côte d’Ivoire, Jamaica, Malaysia, Panama and Tunisia. Up to date, the total number of signatories reaches 78.

Major Step towards Updating the International Rules

Alongside the six new signatories, there are another four jurisdictions – Austria, the Isle of Man, Jersey and Poland – which have recently ratified the Convention, which will enter into force three months after a fifth jurisdiction deposits its instrument of ratification. In addition to those signatories, Algeria, Kazakhstan, Oman and Swaziland have expressed their intent to sign the Convention, and a number of other jurisdictions are actively working towards signature by June 2018. “Today’s signing of the multilateral convention is another major step towards updating the international tax rules through the swift implementation of the BEPS package…Beyond saving signatories from the burden of re-negotiating thousands of tax treaties bilaterally, the convention results in more certainty and predictability for businesses, and a better functioning international tax system for the benefit of our citizens,” according to OECD Secretary-General Angel Gurría.

The Multilateral Convention

Renegotiating tax treaties has always been a significant hurdle, which is time consuming, resource intensive and cumbersome, in particular under the BEPS context where several anti-avoidance provisions need to be introduced into the tax treaties. In this case, the Multilateral Convention enables governments to introduce BEPS recommendations in a flexible way and enhances dispute resolution mechanisms to improve certainty for taxpayers without the burdensome treaty-by-treaty negotiation process. Countries began signing the Convention in June 2017, when over 1100 bilateral tax treaties were amended.

Source: OECD

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