Albania, Bosnia and Herzegovina, and Costa Rica have deposited their instruments of ratification for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS MLI), the OECD announced September 22.
As a result, the BEPS MLI will enter into force for these countries on January 1, 2021.
In addition, France has added additional bilateral tax treaties to which the MLI can apply, the OECD said.
The BEPS MLI is a multilateral tax treaty that is designed to allow countries to swiftly add new provisions to their existing tax treaties to align those treaties with minimum standards developed in 2015 as a result of the OECD/G20 base erosion profit shifting plan.
These minimum standards aim to prevent tax avoidance by multinational groups and speed cross-border tax dispute resolution. Altogether, 52 countries have now joined the treaty.
