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The Principality of Monaco sign the Multilateral Convention to Implement Tax Treaty Related Measures

Monaco: Splashing the cash on the French Riviera
Knight Frank Wealth Report / Photo via CNN

68 jurisdictions signed (7 June 2017) the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (the MLI) during a signing ceremony hosted by the Organisation for Economic Co-operation and Development (OECD) in Paris. Eight other jurisdictions expressed their intent to sign the MLI in the near future.

The signing ceremony marks another key milestone in the Base Erosion and Pro t Shifting (BEPS) project, in particular with respect to the implementation of the treaty-related BEPS minimum standards. At the time of signature, signatories submitted a list of their tax treaties in force that they would like to designate as Covered Tax Agreements (CTAs), i.e., to be amended through the MLI. At this stage, it is expected that over 1,100 tax treaties will be modi ed based on matching the speci c provisions that jurisdictions wish to add or change within the CTAs nominated by the signatories.

Together with the list of CTAs, signatories also submitted a preliminary list of their reservations and noti cations (MLI positions) in respect of the various provisions of the MLI. The de nitive MLI positions for each jurisdiction will be provided upon the deposit of its instrument of rati cation, acceptance or approval of the MLI. The OECD has published on its website the list of signatories and country-speci c les containing an overview of the CTAs and reservations and noti cations as led as of 7 June by those countries.

Originally published at www.ey.com/taxalerts

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