31 March 2018
Following the fifth instrument of ratification by Slovenia received in March 2018, the OECD has announced that the Multilateral Convention to implement Tax Treaty related measures to prevent Base Erosion and Profit Shifting will enter into force on 1 July 2018.
Earlier Austria, the Isle of Man, Jersey and Poland provided their instruments with the OECD which means that this will only have legal existence in these 5 jurisdictions for now. Existing bilateral tax treaties will now swiftly implement the tax treaty measures developed in the course of the OECD/G20 BEPS project as the OECD describes this as “a significant step in international efforts to update the existing network of bilateral tax treaties and reduce opportunities for tax avoidance by multinational enterprises." Read the full press release here.