The OECD today announced that the Czech Republic and Korea have deposited their instruments of ratification for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) with the OECD’s Secretary-General.
As such, the MLI will enter into force for both countries on September 1.
The treaty was designed in 2015 to allow countries to swiftly add to their existing bilateral tax treaties additional provisions designed to prevent tax avoidance by multinationals and speed cross-border tax dispute resolution.
The OECD said that 47 countries have now ratified, accepted, or approved the MLI.
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