OECD Multilateral Convention Update

Gibraltar and Bosnia and Herzegovina have become the 130th and 131st jurisdictions to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.  The multilateral tax treaty allows jurisdictions to update their existing double tax treaties and transpose measures agreed in the BEPS project without further need for bilateral negotiations, and aims to increase transparency and further efforts to reduce cross-border tax evasion.

The MLI implements the Standard for Automatic Exchange of Information developed by the OECD and G20 countries as part of the BEPS project, through which over 100 jurisdictions will automatically exchange information.

Ref.

CFE’s Tax Top Five, 22 July 2019

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