The OECD today announced that Saudi Arabia has signed a multilateral tax treaty designed to allow countries to swiftly add to their existing bilateral tax treaties additional provisions designed to curtail tax avoidance and improve cross-border tax dispute resolution.
Saudi Arabia is the 84th country to sign the treaty, called the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting, also known as the multilateral instrument or BEPS MLI.
11 nations have ratified the treaty to date.
This is great initiative. Worldwide debate is on for Digital Economy taxation , taxing the untaxed and plug double non-taxation. Transfer pricing will certainly evolve with new and improved methods of resolving cross border tax disputes more holistically and collaboratively. Global Shared Services in Taxation will certainly add value in compliance by large MNEs.