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Austrian Parliament Approves BEPS Convention

by Ulrika Lomas, Tax-News.com, Brussels

15 June 2017


The lower house of the Austrian parliament has approved the OECD multilateral instrument, designed to prevent the avoidance of tax through the abuse of double tax avoidance treaties.

Austria's National Council passed the measure on June 12, 2017, less than a week after representatives from 68 countries gathered in Paris to sign the multilateral instrument.

The instrument was developed by the OECD under Action 15 of the BEPS project. It will transpose BEPS recommendations into over 1,100 tax treaties worldwide. The Convention will strengthen provisions to resolve treaty disputes, including through mandatory binding arbitration (which has been adopted by 25 signatories), to reduce double taxation and increase tax certainty for businesses.

The first modifications to bilateral tax treaties are expected to enter into effect in early 2018.

TAGS: tax | business | double tax agreement (DTA) | tax avoidance | transfer pricing | Austria | BEPS

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