Cyprus to Sign BEPS Convention in June
Cyprus has announced it will sign OECD Multilateral Convention to implement tax treaty-related measures to prevent base erosion and profit shifting (BEPS).
The decision to sign the BEPS Convention was approved by the Council of Ministers on April 5, 2017.
The Convention, developed by the OECD under Action 15 of the BEPS project, will transpose BEPS recommendations into over 2,000 tax treaties worldwide. According to the OECD, the Convention will implement minimum standards to counter treaty abuse and to improve dispute resolution mechanisms, while providing flexibility to accommodate specific tax treaty policies.
Over 100 countries are expected to participate in the signing ceremony for the Convention, which is to take place on June 7, 2017.
Visit China Offshore for more news!