The BEPS MLI will apply alongside existing tax treaties and will see a number of South Africa's tax treaties being modified. "The overall goal of the BEPS MLI is to swiftly update the existing network of bilateral tax treaties to reduce opportunities for tax avoidance and base erosion by multinational enterprises," Treasury said. After these countries have ratified the BEPS MLI, these tax treaties will meet the tax-related BEPS requirements without needing to renegotiate existing bilateral tax treaties. Other amendments include the extension of a now-defunct bilateral tax treaty with the UK to Granada and Sierra Leone. Grenada and Sierra Leone were not included, as these tax treaties were incompatible with the provisions of BEPS MLI.

Source: News 24 December 01, 2022 17:37 UTC