Singapore’s tax treaties with Finland and Guernsey amended by MLI

The Inland Revenue Authority of Singapore (IRAS) has announced that amendments to Singapore’s tax treaties with Finland and Guernsey took effect on June 1.

The Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI), signed by the three countries, entered into effect with respect to the tax treaties, IRAs said.

The MLI was developed in a 2015 OECD-led effort. The multilateral tax treaty allows countries to swiftly amend their bilateral tax treaties to add provisions agreed to by countries in 2015 as a result of the OECD/G20 base erosion profit shifting (BEPS) plan initiative.