Lebanon becomes 111th jurisdiction to sign the OECD's tax convention

18/05/2017 News Team

Lebanon has signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, becoming the 111th jurisdiction to join the OECD convention. Lebanon deposited its instrument of ratification for the convention at the same time.

The convention is an instrument for international tax cooperation. It provides for all forms of administrative assistance in tax matters: exchange of information on request, spontaneous exchange, automatic exchange, tax examinations abroad, simultaneous tax examinations and assistance in tax collection. It guarantees extensive safeguards for the protection of taxpayers' rights.

It is also used for the implementation of the Standard for Automatic Exchange of Financial Account Information in Tax Matters developed by the OECD and G20 countries. The convention will enable Lebanon to fulfil their commitment to begin the first of such exchanges by 2018.

Additionally, the convention serves to implement the transparency measures of the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project and to fight against illicit financial flows.

Also, Lebanon has signed the CRS Multilateral Competent Authority Agreement‎ (CRS MCAA), re-confirming its commitment to implementing the automatic exchange of financial account information pursuant to the OECD/G20 Common Reporting Standard (CRS) in time to commence exchanges in 2018. Lebanon is the 89th jurisdiction to sign the CRS MCAA.

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