Friday, October 30, 2020
On October 29, Egypt 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 almost 1700 bilateral tax treaties, with the OECD’s Secretary-General, Angel Gurría, thus underlining its strong commitment to prevent the abuse of tax treaties and base erosion and profit shifting (BEPS) by multinational enterprises. The MLI will enter into force on 1 January 2021 for Egypt.
With 94 jurisdictions currently covered by the MLI, this ratification now brings to 54 the number of jurisdictions which have ratified, accepted or approved it. The Convention will become effective on 1 January 2021 for over 600 treaties concluded among the 54 jurisdictions, with an additional 1100 treaties to become effectively modified once the MLI will have been ratified by all Signatories. The text of the Multilateral Convention, the explanatory statement, background information, database, and positions of each signatory are available at http://oe.cd/mli.