Cyprus and Saudi Arabia have deposited legal instruments with the OECD ratifying a multilateral tax treaty known as the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS MLI), the OECD has announced. Moreover, the OECD announced that North Macedonia on January 29 signed the BEPS MLI, becoming the 94th jurisdiction to join the multilateral tax treaty.
As a result of depositing instruments of ratification, the BEPS MLI will enter into force for both Cyprus and Saudi Arabia on May 1, the OECD said. Cyprus’s final list of reservations and notifications are now available at this link. Saudi Arabia’s final list is at this link.
The BEPS MLI is designed to allow countries to swiftly incorporate new tax treaty provisions into their existing bilateral tax treaties.
These new tax treaty provisions were agreed to in 2015 result of the OECD/G20 base erosion profit shifting (BEPS) plan. They are designed to curtail multinational group tax avoidance and speed cross border tax dispute resolution.
Be the first to comment