Papua New Guinea Deposits its Instrument for the Ratification of Key Multilateral Conventions Against Tax Evasion and Avoidance and Romania Completes its Internal Procedures for the Entry Into Effect of the Provisions of the Multilateral BEPS Convention
- 11 September 2023
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- Category: Transfer Pricing Insight
IBX-Jakarta. Papua New Guinea deposited its instrument of ratification for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS Convention) as well as the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, underlining its strong commitment to prevent the abuse of tax treaties and base erosion and profit shifting (BEPS) by multinational enterprises, and facilitating international co-operation in matters of tax transparency and exchange of information.
The BEPS Convention now covers around 1 870 bilateral tax treaties and will enter into force on 1 December 2023 for Papua New Guinea. As of 1 September 2023, around 1 200 treaties concluded among the 83 jurisdictions which have ratified, accepted or approved the BEPS Convention have already been modified by the BEPS Convention. Around 670 additional treaties will be modified once the BEPS Convention will have been ratified by all Signatories.
The Multilateral Convention on Mutual Administrative Assistance in Tax Matters enables jurisdictions to engage in a wide range of mutual assistance in tax matters and guarantees extensive safeguards for the protection of taxpayers’ rights. It will enter into force for Papua New Guinea on 1 December 2023 and will be in effect for exchanges as from 1 January 2024.
In addition, on 5 September 2023, Romania confirmed the completion of its internal procedures for the entry into effect of the provisions of the Multilateral BEPS Convention under Article 35(7)(b).
- The text of the BEPS Convention, the explanatory statement, background information, database, and positions of each signatory and parties are available at https://oe.cd/mli.
- More information on the Multilateral Convention on Mutual Administrative Assistance in Tax Matters is available at https://oe.cd/maac.
Source:Papua New Guinea deposits its instrument for the ratification of key multilateral conventions against tax evasion and avoidance and Romania completes its internal procedures for the entry into effect of the provisions of the Multilateral BEPS Convention – OECD