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Benin, Bosnia and Herzegovina, Cabo Verde, Mongolia and Oman join the most powerful multilateral instrument against offshore tax evasion and avoidance

 

27/11/2019 – On the occasion of the 10th Plenary Meeting of the Global Forum a further five countries signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, therewith bringing the total number of participating in the Convention to 135.

 

The Convention provides for all forms of administrative assistance in tax matters: exchange of information on request, spontaneous exchange, automatic exchange, tax examinations abroad, simultaneous tax examinations and assistance in tax collection. It guarantees extensive safeguards for the protection of taxpayers' rights.

 

The Convention was developed jointly by the OECD and the Council of Europe in 1988 and amended in 2010 to respond to the call by the G20 to align it to the international standard on exchange of information and to open it to all countries, thus ensuring that developing countries could benefit from the new more transparent environment.

 

Since then, the Convention has become a truly global instrument. It is the ideal instrument for the swift implementation of the OECD/G20 Common Reporting Standard, as well as automatic exchange of country by country reports under Action 13 of the Base Erosion and Profit Shifting (BEPS) Project. It is also a powerful tool for the fight against illicit financial flows.

 

In addition to the signing of the Convention (by Benin, Bosnia and Herzegovina, Cabo Verde, Mongolia and Oman), Kenya and Oman signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS. Oman also signed the Common Reporting Standard Multilateral Competent Authority Agreement, and Tunisia signed the Country-by-Country Reporting Multilateral Competent Authority Agreement, therewith underlining their strong commitment to the tax transparency agenda and the BEPS Project.

 

Complete list of signatories:

Jurisdiction Signatory Instrument(s)
Benin Romuald Wadagni, Minister of Economy and Finance Convention
Bosnia and Herzegovina Vjekoslav Bevanda, Deputy Chairman of the Council of Ministers and Minister of Finance and Treasury Convention
Cabo Verde Hercules do Nascimento Cruz, Ambassador of Cabo Verde to France Convention
Kenya H.E. Professor Judy Wakhungu E.G.H, Ambassador of Kenya to France MLI
Mongolia Chimed Khurelbaatar, Minister of Finance Convention
Oman Gazi Said Abdullah Al-Rawas, Ambassador of Oman to France Convention, MLI, CRS MCAA
Tunisia Mohamed Ridha Chalghoum, Minister of Finance CbC MCAA

 

Media queries should be directed to the Communications Office of the OECD Centre for Tax Policy and Administration.

 

 

 

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