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Multilateral approach
KEY POINTS
- A multilateral convention was signed by many countries in June 2017.
- The convention forms part of the as part of the OECD’s base erosion and profit shifting process.
- Action to limit perceived tax avoidance includes limiting interest deductibility and disclosure obligations.
- Minimum standards will be imposed in key areas.
- The convention should prevent ‘treaty shopping’ and is bolstered by an anti-abuse rule.
- A mutual agreement procedure should enable questions of interpretation to be resolved.
On 7 June 2017 68 countries signed a multilateral convention as part of the campaign by the Organisation for Economic Co-operation and Development (OECD) against tax avoidance also referred to as the BEPS project. Two more countries have signed up to the convention since although notable absences include...
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