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Countries Agree Multilateral Deal To Amend All Tax Treaties

by Ulrika Lomas, Tax-News.com, Brussels

25 November 2016


Over 100 nations have concluded negotiations on a multilateral instrument that will swiftly implement a series of tax treaty measures in the area of base erosion and profit shifting (BEPS).

The instrument – developed under Action 15 of the BEPS project – will transpose BEPS recommendations into over 2,000 tax treaties worldwide. It will implement minimum standards to counter treaty abuse and to improve dispute resolution mechanisms while providing flexibility to accommodate specific tax treaty policies. It will also allow governments to strengthen their tax treaties with other tax treaty measures developed in the BEPS project, the OECD said.

The OECD will be the depositary of the multilateral instrument and will support governments in the process of its signature, ratification, and implementation. A first high-level signing ceremony will take place in the week beginning June 5, 2017, with the expected participation of a significant group of countries during the annual OECD Ministerial Council meeting, which brings together ministers from OECD and partner countries to discuss issues of global relevance.

OECD Secretary-General Angel Gurria commented: "The adoption of this multilateral instrument marks a turning point in tax treaty history. It will save countries from multiple bilateral negotiations and renegotiations to implement the tax treaty changes in the BEPS project. More importantly, having more than 100 jurisdictions on board will help ensure consistency in the implementation of the BEPS project, which will result in more certainty and predictability for businesses, and a better functioning international tax system for the benefit of our citizens."

TAGS: tax | investment | business | tax avoidance | law | Organisation for Economic Co-operation and Development (OECD) | enforcement | agreements | multinationals | tax planning | transfer pricing | tax reform | standards | regulation | trade | European Union (EU) | Europe | BEPS

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