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Mauritius To Sign BEPS Convention By June 30

by Lorys Charalambous,, Cyprus

12 June 2017

Mauritius will sign the OECD's Multilateral Convention to implement the tax treaty-related base erosion and profit shifting (BEPS) recommendations by the end of June 2017, the Finance Ministry has announced.

The multilateral instrument (MLI), developed by the OECD under Action 15 of the BEPS project, 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, to reduce double taxation and increase tax certainty for businesses.

68 countries signed the Convention at a ceremony held on June 7, 2017, in Paris. Eight additional countries and jurisdictions (including Mauritius) signed a letter expressing their intent to sign the Convention and additional countries and jurisdictions are actively working to prepare for signature in the near future.

In a statement issued on June 7, the Ministry said: "To further support its pledge as a cooperative international financial centre (IFC), Mauritius has actively participated in the Ad Hoc Group set up by the OECD to work on the drafting of the Multilateral Instrument as recommended under Action 15 of the BEPS report. More recently, the country equally joined the Inclusive Framework to implement the BEPS recommendations. In the same vein, Mauritius wishes to reiterate its firm intention to sign the Convention by June 30, 2017, thus demonstrating its dedication to curb base erosion and fight international tax avoidance."

The Ministry said that for the tax treaties not covered by the Convention, discussions will be held on a bilateral basis with respective countries to ensure compliance with the BEPS recommendations.

"As a trusted IFC of substance, Mauritius remains committed to always adopt and adhere to internationally accepted norms and standards," the Ministry said.

TAGS: compliance | Finance | tax | investment | business | double tax agreement (DTA) | Mauritius | tax avoidance | law | Organisation for Economic Co-operation and Development (OECD) | ministry of finance | agreements | multinationals | tax planning | transfer pricing | tax reform | standards | trade | BEPS

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