The Organisation for Economic Cooperation and Development (OECD) today announced that representatives of the governments of Kazakhstan, Peru, and the United Arab Emirates signed the base erosion and profit shifting (BEPS) multilateral convention (the multilateral instrument or MLI).
As noted in the OECD release, these actions bring the total number of signatories to 79 and the number of covered jurisdictions to 81.
The BEPS multilateral convention updates the existing network of bilateral tax treaties and is intended to reduce opportunities for tax avoidance by multinational enterprises. This is the first multilateral treaty of its kind, allowing jurisdictions to integrate results from the OECD/G20 BEPS project into their existing networks of bilateral tax treaties.
The entry into force of the convention scheduled for 1 July 2018 follows its ratification by five jurisdictions—Austria, the Isle of Man, Jersey, Poland, and Slovenia.
Serbia, Sweden, and New Zealand also deposited their instrument of ratification with the OECD, with the convention to enter into force on 1 October 2018.
Read a 2018 report [PDF 298 KB] prepared by the KPMG member firm in Kazakhstan
© 2018 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.
Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.