28/05/2015: Work underway for the development of the BEPS Multilateral Instrument
Work on the development of the Multilateral Instrument to implement the tax treaty-related Base Erosion and Profit Shifting (BEPS) Action Plan began on 27 May 2015 in Paris. As per the OECD/G20 mandate, the ad hoc Group that will complete the work under Action 15 has been established, with over 80 countries participating. At the meeting, members of the Group appointed Mr. Mike Williams of the United Kingdom as Chair, and Mr. Liao Tizhong of the People’s Republic of China, Mr. Mohammed Amine Baina of Morocco and Mrs. Kim S. Jacinto-Henares of the Philippines as Vice-Chairs. Participants also agreed on a number of procedural issues so that the substantive work can begin at an Inaugural Meeting which will take place on 5-6 November 2015 (back to back with the 20th Annual Tax Treaty Meeting for government officials which will take place on 3-4 November 2015). A number of international organisations will also be invited to participate in the work as Observers.
06/02/2015: First steps towards implementation of OECD/G20 efforts against tax avoidance by multinationals
The implementation of the BEPS Action Plan will require modifications to the existing network of more than 3,000 bilateral tax treaties worldwide. The planned multilateral instrument will offer countries a single tool for updating their networks of tax treaties in a rapid and consistent manner.
The agreed mandate authorises the formation of an ad-hoc negotiating group, open to participation from all states. The group will be hosted by the OECD and will hold its first meeting by July 2015, with an aim to conclude drafting by 31 December 2016.