India deposited with the OECD documents ratifying the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) on June 25, the OECD today announced.
Under the terms of the MLI, the MLI will, therefore, enter into force for India on the first day of the month following the expiration of a period of three months beginning on the date of the deposit by India, i.e., on October 1.
India ratified the MLI on June 12, almost 2 years after signing it.
The MLI was developed by OECD and G20 countries in 2015 as a result of the OECD/G20 base erosion profit shifting (BEPS) plan. The multilateral treaty is designed to allow countries to quickly implement measures developed in the BEPS plan designed to counter tax avoidance by multinational businesses and speed resolution of cross-border tax disputes.
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