Peru Ratified OECD’s Multilateral Tax Convention
Peru has completed the necessary steps to become a party to the OECD Multilateral Convention on Mutual Assistance in Tax Matters and also the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions.
On May 28, 2018, Peru’s Minister of Economy and Finance, David Tuesta, deposited Peru’s instrument of accession for the Multilateral Convention on Mutual Administrative Assistance in Tax Matters during a ceremony at the OECD’s headquarters in Paris.
With 119 countries and jurisdictions participating in the Convention, it is the world’s leading instrument for boosting transparency and combating cross-border tax evasion, the OECD said. The Convention will enter into force for Peru on September 1, 2018.
The OECD describes the Convention as the key instrument for swift implementation of the Standard for Automatic Exchange of Financial Account Information in Tax Matters. The Standard – developed by the OECD and G20 countries – will enable more than 100 jurisdictions to automatically exchange offshore financial account information from September 2018 onwards.
It also enables the automatic exchange of country-by-country reports on the activities of multinational enterprises, provided for under the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project.