The Organisation for Economic Cooperation and Development (OECD) today announced that a representative of the government of Nigeria signed both the multilateral instrument or convention (MLI) and the multilateral competent authority agreement under the common reporting standard (CRS).
Read the OECD release
The MLI is a legal instrument designed to prevent base erosion and profit shifting (BEPS) by multinational enterprises. It allows jurisdictions to transpose results from the BEPS project, including minimum standards to implement in tax treaties to prevent treaty abuse and “treaty shopping,” into their existing networks of bilateral tax treaties in a quick and efficient manner.
The CRS agreement is a multilateral competent authority agreement that aims to implement the automatic exchange of financial account information pursuant to the OECD/G20 common standard and to deliver the automatic exchange of CRS information between 101 jurisdictions by 2018.
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