26/11/2020 - Chile 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 almost 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 Chile, the MLI will enter into force on 1 March 2021.
With 94 jurisdictions currently covered by the MLI, today’s ratification by Chile now brings to 57 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 57 jurisdictions, with an additional 1200 treaties to become effectively modified once the MLI will have been ratified by all Signatories.
In addition, Indonesia and the Russian Federation notified in relation to Article 35(7)(a)(i) of the MLI the confirmation of the completion of their internal procedures for the entry into effect of the provisions of the MLI with respect to some of their treaties and in accordance with Article 35(7)(b) of the Multilateral Convention. Kazakhstan also made additional notifications on its covered treaties under Article 29(6) of the MLI.
The text of the Multilateral Convention, the explanatory statement, background information, database, and positions of each signatory are available at http://oe.cd/mli.