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The Seychelles and Iceland deposit new notifications under the Multilateral BEPS Convention

14/12/2021 – The Seychelles has deposited its instrument of ratification for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (Multilateral Convention or MLI), which now covers over 1700 bilateral tax treaties, thus underlining their strong commitment to prevent the abuse of tax treaties and base erosion and profit shifting (BEPS) by multinational enterprises. For the Seychelles, the MLI will enter into force on 1 April 2022.

Iceland has also deposited new notifications under the Multilateral Convention, subsequent to its ratification to notify an additional bilateral treaty to which the MLI can apply and to make additional notifications with respect to provisions of the MLI. The MLI entered into force for Iceland on 1 January 2020. Iceland’s new notifications will take effect in accordance with Articles 29 and 35 of the MLI.

The MLI has already started to impact the bilateral treaties of 68 jurisdictions that have ratified it. From 1 January 2022, it is expected to impact over 850 treaties concluded among those 68 jurisdictions, with an additional 900 treaties whose application would be modified once the MLI is ratified by all Signatories, thereby affecting a total of 1750 treaties worldwide.

The text of the Multilateral Convention, the explanatory statement, background information, database, and positions of each signatory and parties are available at http://oe.cd/mli.

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Source: http://www.oecd.org/tax/beps/the-seychelles-and-iceland-deposit-new-notifications-under-the-multilateral-beps-convention.htm