The countries approve the multilateral transaction about amending all agreements of the taxation. More than 100 countries completed negotiations on the conclusion of the multilateral document which will quickly perform a number of measures of tax agreements in the field of base erosion and profit shifting (BEPS).
The document – is developed within actions of the 15th BEPS project, it will move recommendations of BEPS to more than 2000 tax agreements worldwide. It will perform the minimum standards on fight against abuse of the agreement, and also will improve dispute resolution mechanisms, providing flexibility for placement of specific policy of the tax agreement. The OECD says that it will also allow the governments to strengthen the tax agreements with other measures of the tax agreements drafted within the BEPS project.
The OECD will be depositary of the multilateral document and will support the governments in the course of its signing, ratification and implementation. The first ceremony of signing on the high level will take place within a week, since June 5, 2017, with the expected participation of considerable group of the countries during the annual meeting of Council OECD ministers which unites ministers of OECD and the partner countries for discussion questions of global relevance.
OECD Secretary-General Angel Gurria noted: “Adoption of this multilateral document marks a turning point in the history of tax agreements. It will save countries from numerous bilateral negotiations and review conditions for implementation of changes of the tax agreement in the BEPS project. What is even more important, having more than 100 jurisdictions onboard, will help to provide the sequence in BEPS project implementation that will bring to more definiteness and predictabilities for business, and also improvement of functioning of the international taxation system for the benefit of our citizens “.