OECD’s Multilateral tax treaty instrument enters into force

The OECD’s Multilateral tax treaty instrument (“MLI”) entered into force on 1 July 2018 after the ratification of the said instrument by 5 countries, namely Austria, the Isle of Man, Jersey, Poland and Slovenia. There are now 83 jurisdictions that are signatories to the treaty.

The MLI allows jurisdictions to update their existing double tax treaties and transpose measures agreed in the BEPS project without further need for bilateral negotiations.