Barbados, Ivory Coast, Jamaica, Malaysia, Panama and Tunisia have signed the OECD’s Base Erosion and Profit Shifting (BEPS) multilateral convention to implement tax treaty related measures to prevent BEPS, bringing the total number of signatories to 78.
The multilateral convention aims to replace bilateral tax treaties as well as implementing agreed minimum standards to counter treaty abuse and to improve dispute resolution mechanisms.
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Annual revenue losses from BEPS globally are estimated at USA $240bn, 10% of global corporate income tax revenues.
OECD secretary general Angel Gurría said the signing was a major step towards updating international tax rules. “Beyond saving signatories from the burden of re-negotiating thousands of tax treaties bilaterally, the convention results in more certainty and predictability for businesses, and a better functioning international tax system for the benefit of our citizens,” she said.
Additionally, Algeria, Kazakhstan, Oman and Swaziland have expressed intent to sign the Convention by June 2018.
The full list of the current signatories can be accessed here.
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