Nigeria today signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI), becoming the 71st signatory to the agreement.
The MLI is designed to allow countries to easily modify their tax treaties with other nations to incorporate agreements in reached in the 2015 OECD/G20 base erosion profit shifting (BEPS) plan.
These BEPS provisions seek to curtail multinational tax avoidance through abuse of tax treaties and also improve tax dispute resolution so that multinationals are not subject to double taxation because of their cross-border dealings.
Nigeria also signed the CRS Multilateral Competent Authority Agreement, becoming the 94th nation to join that agreement.
