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June 15, 2017
2017-0963

Signing by 68 jurisdictions of Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS highlights business considerations

68 jurisdictions signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the MLI) during a signing ceremony hosted by the Organisation for Economic Co-operation and Development (OECD) in Paris on June 7. Eight other jurisdictions expressed their intent to sign the MLI in the near future. Norway did not submit its MLI positions at the time of the signing ceremony. The MLI is designed to allow modifications to tax treaties between two or more parties. It will not however, function in the same way as an amending protocol to a single existing treaty, which would directly amend the text of the tax treaty. Instead, it will be applied alongside existing tax treaties, modifying their application in order to implement the Base Erosion and Profit Shifting (BEPS) measures.

A Global Tax Alert, attached below, provides additional details.

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Full text of Tax Alert 2017-0963

 

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