Australia, France, Japan, and the Slovak Republic have ratified a multilateral tax treaty designed to swiftly add to their existing bilateral tax treaties provisions agreed to by countries in the 2015 OECD/G20 base erosion profit shifting (BEPS) project. These provisions are aimed at shutting down tax loopholes used by multinationals and easing cross-border tax dispute resolution.
Further, the four countries have deposited with the OECD their instruments of ratification or acceptance of the treaty, called the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (Multilateral Instrument or BEPS MLI), the OECD said in a September 27 announcement.
This latest action brings to 13 the number of nations that have deposited their instruments of ratification of the BEPS MLI. Over 100 countries have signed the agreement.
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