Lebanon and Kuwait have signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, bringing total signatories to the agreement to 111, the OECD has announced.
The Convention, developed in 1988 by the OECD and the Council of Europe, would enable the two countries to fulfill their commitments to begin automatic exchange of financial account information with other countries’ tax administrations, furthering the aim of preventing tax evasion.
The Convention also includes provisions that would make it easier to implement automatic exchange of country-by-country reports on the tax affairs of multinational corporations with other countries’ tax administrations under action 13 of the OECD/G20 base erosion and profit shifting (BEPS) project. Further, it assists in the implementation of exchange of private tax rulings involving multinational firms under action 5 of the BEPS project.
Also, Turkey has recently signed the OECD’s Common Reporting Standard Multilateral Competent Authority Agreement (CRS MCAA), reconfirming its commitment to implement automatic exchange of financial account information pursuant to the OECD/G20 Common Reporting Standard (CRS) in time to commence exchanges in 2018, the OECD said.
Turkey is the 88th jurisdiction to sign the CRS MCAA.