Thursday, January 7, 2021
Barbados 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 its strong commitment to prevent the abuse of tax treaties and base erosion and profit shifting (BEPS) by multinational enterprises. For Barbados, the MLI will enter into force on 1 April 2021.
With 95 jurisdictions currently covered by the MLI, the ratification by Barbados now brings to 60 the number of jurisdictions which have ratified, accepted or approved it. The Multilateral Convention became effective on 1 January 2021 for over 600 treaties concluded among the 60 jurisdictions, with an additional 1200 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.