Netherlands and Georgia take final steps to join MLI & Luxembourg ratifies the MLI
The Netherlands and Georgia recently deposited instrument of ratification for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) with the OECD. The MLI will take effect for both states on 1 July this year.
While Luxembourg becomes the 87th state number to ratify the Multilateral BEPS Convention (MLI). The MLI will enter into force for Luxembourg in August this year.
The MLI facilitates the closing of gaps in existing international tax rules by transposing results from the OECD/G20 BEPS Project into bilateral tax treaties worldwide. The MLI modifies the application of thousands of bilateral tax treaties concluded to eliminate double taxation. There are currently 87 states joined up to the MLI.