August 2017 - China Signs the Multilateral Instrument, Important Step for the Implementation of BEPS Action Plans
On 7 June 2017, the State Administration of Taxation ("SAT”) signed the Multilateral Instrument together with representatives from 67 jurisdictions.
The MLI aims to swiftly modify bilateral tax treaties to implement the tax treaty-related Base Erosion and Profit Shifting (“BEPS”) recommendations. This signifies another important step forward in implementing the BEPS Actions Plans recommended by the OECD. It should be noted that China also signed on behalf of Hong Kong in participating the MLI. Please refer to our Hong Kong Tax News on Hong Kong’s position.
Both foreign and Chinese companies with cross-border investments and transactions should assess the impact of the MLI on their existing or potential business structures.
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Peter Law Partner, Tax Advisory Services Shanghai
Anthony Tam Senior Advisor, Tax Advisory Services Hong Kong
