Kenya and Oman on November 28 signed a multilateral tax treaty designed to combat tax avoidance by multinational groups and speed cross-border tax dispute resolution.
Altogether, 92 jurisdictions have joined the treaty, called the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI).
The MLI allows countries to swiftly add provisions developed during the OECD/G20 base erosion profit shifting (BEPS ) project into their existing bilateral tax treaties.
For the MLI to enter into force for Kenya or Oman, the countries must deposit their instrument of ratification or acceptance of the MLI with the OECD.
According to the OECD, the MLI now applies to 114 tax treaties concluded among the 37 jurisdictions.
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