AUSTRIA and the Isle of Man have deposited their instrument of ratification for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting with the OECD’s Secretary-General, Angel Gurría, therewith underlining their strong commitment to prevent the abuse of tax treaties and base erosion and profit shifting (BEPS) by multinational enterprises.

The MLI was adopted by an ad hoc Group of jurisdictions working on an equal footing on 24 November 2016 and already covers over 71 jurisdictions. Austria became the first jurisdiction to deposit its instrument of ratification for the multilateral convention on 22 September 2017 and the Isle of Man, the second, on 25 October 2017.

Meanwhile, Claudia María Amelia Teresa Cooper Fort, Minister of Economy and Finance of Peru, signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters in the presence of the Deputy Director of the OECD's Centre for Tax Policy and Administration, Grace Perez-Navarro. The Republic of Peru is the 114th jurisdiction to join the Convention, and the 12th Latin American jurisdiction to do so.