Cyprus to sign new OECD instrument on tax avoidance

Cyprus Ministry of Finance announced that the country will sign the Multilateral Convention to Implement Tax Treaty Measures to Prevent Base Erosion and Profit Shifting (MLI).

The ministry said that Cyprus’s Council of Ministers on 5 April 2017, formally approved the signing of the multilateral instrument.

The MLI is designed to swiftly incorporate into countries’ existing tax treaties new measures designed to prevent tax avoidance by multinational corporations and to speed the resolution of tax disputes between multinationals and governments.