Today at the OECD Headquarters in Paris, Nigeria signed two major multilateral instruments: the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the MLI) and the CRS Multilateral Competent Authority Agreement (the CRS MCAA). Nigeria becomes the 71st jurisdiction to sign the MLI and the 94th jurisdiction to join the CRS MCAA.
The Convention was developed jointly by the Council of Europe and the OECD to promote international co-operation for a better operation of national tax laws, while respecting the fundamental rights of taxpayers.
The Multilateral Competent Authorities Agreement (MCAA) will facilitate consistent and swift implementation of new transfer pricing reporting standards developed under Action 13 of the BEPS Action Plan, ensuring that tax administrations obtain a complete understanding of the way multinational enterprises (MNEs) structure their operations, while also ensuring that the confidentiality of such information is safeguarded.
Today, as a further step to implement the OECD Common Reporting Standard (CRS), the first series of bilateral automatic exchange relationships were established among the first batch of jurisdictions committed to exchanging information automatically as of 2017.
Today, at the OECD Headquarters in Paris, Senator Mohammad Ishaq Dar, Minister of Finance of Pakistan, signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.
In a ceremony at OECD Headquarters in Paris today, Burkina Faso, Malaysia, Saint Kitts and Nevis, Saint Vincent and the Grenadines, and Samoa signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, bringing the number of participating jurisdictions to 103.
Liechtenstein today deposited its instrument of ratification for the Convention on Mutual Administrative Assistance in Tax Matters ("the Convention"). By doing so, Liechtenstein underlines its commitment to fighting tax evasion and avoidance and takes another important step in implementing the Standard for Automatic Exchange of Financial Account Information in Tax Matters developed by the OECD and G20 countries.
Today, Kuwait joined the 83 current signatories to the CRS Multilateral Competent Authority Agreement ("CRS MCAA"), the key international framework agreement for putting in place the automatic exchange of information on offshore financial accounts foreseen by the OECD Common Reporting Standard (CRS).
The Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) published today 10 new peer review reports demonstrating continuing progress toward implementation of the international standard for exchange of information on request.
The OECD welcomes Panama’s decision to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, which was formally communicated to the OECD in a letter from its Vice President and announced publicly on Friday 15 July 2016.