The OECD has published the agreed text for the ‘multilateral convention to implement tax treaty related measures to prevent BEPS’, following the conclusion of negotiations involving more than 100 countries. The multilateral convention has been developed under action 15 of the BEPS project and will provide minimum standards for modifying existing bilateral tax treaties. A signing ceremony will be held in June 2017 in Paris.
OECD secretary-general, Angel Gurría, said: ‘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.’
Mike Williams, director of business and international tax at HM Treasury, who led the negotiations, said: ‘The conclusion of negotiations on the instrument is a major achievement.’ Williams added that it ‘also marks a beginning, as important work lies ahead for governments to prepare their own processes for signature, ratification and implementation.’
The OECD has published the agreed text for the ‘multilateral convention to implement tax treaty related measures to prevent BEPS’, following the conclusion of negotiations involving more than 100 countries. The multilateral convention has been developed under action 15 of the BEPS project and will provide minimum standards for modifying existing bilateral tax treaties. A signing ceremony will be held in June 2017 in Paris.
OECD secretary-general, Angel Gurría, said: ‘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.’
Mike Williams, director of business and international tax at HM Treasury, who led the negotiations, said: ‘The conclusion of negotiations on the instrument is a major achievement.’ Williams added that it ‘also marks a beginning, as important work lies ahead for governments to prepare their own processes for signature, ratification and implementation.’
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