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Kenya Signs Multilateral Anti-Tax Evasion Agreement

by Lorys Charalambous, Tax-News.com, Cyprus

10 February 2016


Kenya became the 94th jurisdiction and the 12th African nation to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters on February 8, 2016.

The Convention provides for all forms of administrative assistance in tax matters: exchange of information on request, spontaneous exchange, automatic exchange, tax examinations abroad, simultaneous tax examinations, and assistance in tax collection. It guarantees extensive safeguards for the protection of taxpayers' rights.

The Convention was developed jointly by the Organisation for Economic Cooperation and Development (OECD) and the Council of Europe in 1988 and amended in 2010 to respond to the call by the G20 to align it to the international standard on exchange of information and to open it to all countries, thus ensuring that developing countries could benefit from the new more transparent environment.

The Convention is now seen as the ideal instrument for swift implementation of the new Standard for Automatic Exchange of Financial Account Information in Tax Matters developed by the OECD and G20 countries as well as automatic exchange of country-by-country reports under the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project.

The OECD said, by signing the Convention, Kenya takes a further step in fighting tax evasion and avoidance, building on its participation in the Global Forum on Transparency and Exchange of Information for Tax Purposes, which it joined in 2010.

TAGS: environment | compliance | tax | tax compliance | tax avoidance | Organisation for Economic Co-operation and Development (OECD) | Kenya | G20 | Europe | Africa | Tax | Tax Evasion | BEPS

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