News24 Business front pageThe Base Erosion Profit Shifting Multilateral Instrument , aimed at countering tax avoidance by multinational enterprises, has been gazetted, National Treasury said in a statement on Thursday.
The BEPS MLI arose from an OECD/G20 project aimed at tackling base erosion and profit shifting across borders, which resulted in a list of 15 target actions in 2015. These actions were aimed at preventing treaty abuse and ensuring profits are taxed appropriately in a cross-border context, and included updates to thousands of tax treaties.
The BEPS MLI will apply alongside existing tax treaties and will see a number of South Africa's tax treaties being modified. SA currently has 79 bilateral tax treaties in force, and 76 of these tax treaty countries have been listed by SA in the notifications and reservations that will be covered by the BEPS MLI. After these countries have ratified the BEPS MLI, these tax treaties will meet the tax-related BEPS requirements without needing to renegotiate existing bilateral tax treaties.
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