Ministers and high-level officials from 76 countries and jurisdictions have signed or formally expressed their intention to sign a multilateral convention to implement a series of tax treaty measures to update the existing network of bilateral tax treaties and reduce opportunities for tax avoidance by multinational enterprises.

Ireland and the UK are among the countries who signed up to the new Convention on 7 June. The new convention aims to also strengthen provisions to resolve treaty disputes, including mandatory binding arbitration. The first modifications to bilateral tax treaties are expected to enter into effect in early 2018.