May 19, 2022

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Vietnam becomes 99th member of convention on BEPS prevention

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Vietnam not too long ago joined the Multilateral Convention to Apply Tax Treaty Related Measures to Avert Base Erosion and Profit Shifting (MLI) as its 99th member. The country’s ambassador to France Dinh Toan Thang signed the convention early this thirty day period at the Organisation for Economic Cooperation and Improvement (OECD) headquarters in Paris.

The MLI, or multilateral instrument, covers about 1,800 bilateral tax agreements. It was fashioned adhering to the initiative of the OECD and G20 countries on the development of a task on base erosion and revenue shifting (BEPS) prevention. It allows synchronise and endorse the efficiency of approximately 3,000 bilateral tax agreements of member international locations and territories.

Ambassador Thang claimed growing the tax base, avoiding selection resource erosion and profit shifting is a aim in Vietnam’s tax reform system, according to media experiences from the country.

Vietnam not long ago joined the Multilateral Convention to Put into practice Tax Treaty Linked Measures to Avoid Foundation Erosion and Financial gain Shifting (MLI) as its 99th member. The country’s ambassador to France Dinh Toan Thang signed the convention early this month at the Organisation for Financial Cooperation and Improvement (OECD) headquarters in Paris.

Vietnam is the co-chair of OECD’s Southeast Asia Regional Programme for 2022-2025.

In accordance to OECD, BEPS methods expense the sides $100-240 billion in shed revenues each year, which is the equal to 4-10 for every cent of the global corporate income tax earnings.

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Fibre2Vogue Information Desk (DS)

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