YEREVAN, June 8. /ARKA/. Armenia has joined the multilateral convention of the Organization for Economic Cooperation and Development (OECD) on counteracting the tax base erosion and profit shifting (BEPS), the Armenian ministry of finance said today in a press release.
The convention was signed Wednesday by Armenian finance minister Vardan Aramyan in Paris, reaffirming Armenia’s commitment to cooperate in the global efforts to tackle aggressive tax planning.
Representatives of 68 jurisdictions, including Armenia, Austria, Australia, Finland, Georgia, Germany, France, Italy, Sweden, India, Great Britain, Russia, Switzerland and others, signed the Convention which will have the effect of amending most of the bilateral tax treaties of the signatory jurisdictions in respect of treaty related measures under the BEPS package for preventing artificial tax avoidance, prevention of treaty abuse, and improve dispute resolution.
However, countries do have the liberty to argue their point and make sure that they meet minimum BEPS standards.
The Convention will ensure that the minimum standards regarding prevention of treaty abuse and amelioration of the international tax dispute resolution process are implemented in all covered tax agreements quickly.
OECD is one of the world’s leading economic organizations, comprising 35 most developed countries. The headquarters of the organization is in Paris, France. –0–
