UK and International Tax news
OECD Issues Multilateral Convention On BEPS
Wednesday 30th November 2016
Following negotiations with more than 100 jurisdictions, the OECD has recently issued the Multilateral Convention together with an explanatory statement to implement tax treaty related measures to prevent BEPS under Action 15.
The new instrument will transpose results from the OECD/G20 BEPS project in respect of 4 Actions – Hybrid Mismatches, Treaty Abuse, Avoidance Of Permanent Establishment Status and Improving Dispute Resolution – into more than 2 000 tax treaties worldwide.
The Multilateral Convention has been developed over the past year with OECD member countries, G20 and other developed and developing countries, under a mandate delivered by G20 Finance Ministers and Central Bank Governors at their February 2015 meeting. The negotiations were led by Mike Williams, Director of Business and International Tax at HM Treasury.
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 Paris in the week beginning 5 June 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.
If you would like to discuss the convention in more detail, please contact Keith Rushen on 0207 486 2378.
Contact Us