Vietnam joins multilateral convention on BEPS prevention

Vietnam has officially become the 99th member of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI).

Vietnam joins multilateral convention on BEPS prevention hinh anh 1

Goods loading at Hai Phong port (Photo: VNA)

Vietnam has officially become the 99th member of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI).

Ambassador to France Dinh Toan Thang signed the convention on February 9 at the Organisation for Economic Co-operation and Development (OECD) headquarters in Paris.

The MLI, or Multilateral Instrument, covers over 1,800 bilateral tax agreements.

Addressing the signing ceremony, OECD Deputy Secretary General Yoshiki Takeuchi welcomed Vietnam, together with Thailand and Lesotho, to join the convention, raising the total signatories to 99.

Ambassador Thang affirmed that expanding tax base, preventing collection source erosion and profit shifting is a focus in Vietnam’s tax reform strategy.

Last year, the Prime Minister issued a decision approving a project to review the effectiveness of the agreements for the avoidance of double taxation, impacts to Vietnam’s tax policy space and adjustment direction, in which the signing of relevant international commitments like the MLI is defined as a priority, he said.

Vietnam joins multilateral convention on BEPS prevention hinh anh 2

Ambassador to France Dinh Toan Thang signed the convention on February 9 at the Organisation for Economic Co-operation and Development (OECD) headquarters in Paris. (Photo: VNA)

The diplomat highlighted the significance of the MLI joining as Vietnam has become the co-chair of the OECD’s Southeast Asia Regional Programme for 2022-2025.

He expressed belief that the implementation of the MLI will help further promote the partnership between Vietnam and the OECD and specify the memorandum of understanding on strengthening cooperation between the two sides that was signed by Prime Minister Pham Minh Chinh and OECD Secretary General Mathias Cormann in Paris in last November in Paris.

Over the years, the OECD has been an important partner of Vietnam with the provision of policy consultations and support in various fields. So far, Vietnam has joined seven legal tools of the OECD.

The MLI was formed following the initiative of the OECD and G20 countries on the formation of a project on base erosion and profit shifting (BEPS) prevention.

The MLI helps synchronise and promote the effectiveness of nearly 3,000 bilateral tax agreements of member countries and territories.

According to the OECD, BEPS practices cost the sides 100-240 billion USD in lost revenue annually, which is the equivalent to 4-10% of the global corporate income tax revenue./.

Source: VNA
en.vietnamplus.vn

Related News

Vietnam and China promote Customs cooperation

Vietnam and China promote Customs cooperation

VCN - The representative of Vietnam Customs and the Ambassador Extraordinary and Plenipotentiary of the People's Republic of China to Vietnam exchanged the Action Plan between the General Department of Vietnam Customs (GDVC), the Ministry of Finance of the Socialist Republic of Vietnam and the General Administration of Customs of the People's Republic of China (GACC) on the Mutual Recognition Agreement on Authorized Economic Operator of Vietnam Customs and the Enterprise Credit Management Program of China Customs, on October 13, 2024, at the Government headquarters.
How does the Fed

How does the Fed's interest rate cut affect Vietnam?

VCN - In the latest meeting of the Federal Open Market Committee (FOMC), the Fed decided to cut interest rates by 50 basis points to a range of 4.75%-5%. Analysts have given different perspectives on this decision.
Important step to soon upgrade stock market

Important step to soon upgrade stock market

VCN - According to experts, the Ministry of Finance's issuance of Circular No. 68/2024/TT-BTC dated September 18, 2024 is an important step in the process towards the goal of improving the quality of the Vietnam’s stock market.
Vietnam still primarily relies on processing and manufacturing with limited automation integration

Vietnam still primarily relies on processing and manufacturing with limited automation integration

VCN - Vietnam needs to cultivate domestic enterprises that are large-scale, possess international competitiveness, boast established brands, and can serve as cornerstones in leading the industrialization and modernization process.

Latest News

Linkage - the "key" to sustainable development of agricultural value chains

Linkage - the "key" to sustainable development of agricultural value chains

VCN - Promoting sustainable and effective development of agricultural value chains is a core factor in restructuring Vietnam's agricultural sector and the key to optimize the value of Vietnam's agricultural exports.
Supporting industry enterprises: Learning standards, understanding opportunities

Supporting industry enterprises: Learning standards, understanding opportunities

VCN - Currently, many potential industries have "opened" opportunities for Vietnamese enterprises to enter, such as the semiconductor industry, supporting industries for the aviation sector. However, the higher the added value of the sector, the more it requires enterprises to meet international standards.
Vietnam’s distinctive agricultural exports to China exhibited in Hanoi

Vietnam’s distinctive agricultural exports to China exhibited in Hanoi

An exhibition showcasing Vietnam’s distinctive farm produce exported to China opened in Hanoi on October 13, featuring the participation of 16 local enterprises and introducing over 50 categories of high-quality products from across the three regions of the country.
100 most valuable Vietnamese brands on the limelight

100 most valuable Vietnamese brands on the limelight

This year’s Brand Finance Vietnam 100 Report was also released to provide a comprehensive picture of the valuations.

More News

Need to quickly act to catch up with the "green" trend

Need to quickly act to catch up with the "green" trend

VCN - With the movement from the global level to Vietnam's main markets, as well as the strong commitment of the Vietnamese Government, the trend of "compulsory green/sustainable transformation" has become clear to Vietnamese businesses instead of voluntary as before. However, the level of readiness of businesses is not high.
Businesses cooperate to develop advanced technology

Businesses cooperate to develop advanced technology

VCN- In order to foster development of the high-tech sector, one of factors is close cooperation between businesses to improve competitiveness and promote innovation.
Export target for 2024 set at US$400 billion

Export target for 2024 set at US$400 billion

VCN - Since the beginning of the year, Vietnam's export activities have continued to recover. It is forecasted that the total export turnover for the entire year may reach a historic milestone of US$400 billion.
Thai Binh intensifies cooperation with Russian localities

Thai Binh intensifies cooperation with Russian localities

A delegation from the northern province of Thai Binh, led by Chairman of the provincial People’s Council Nguyen Tien Thanh, on October 10 met with representatives of the Moscow Chamber of Commerce and Industry, along with several Russian businesses.
Ho Chi Minh City partners with nine provinces to boost import and export activities

Ho Chi Minh City partners with nine provinces to boost import and export activities

VCN - Ho Chi Minh City (HCMC) and nine provinces in the northern and north-central regions are cooperating in socio-economic development, leveraging each region's advantages and potential to boost import and export activities.
Vietnam

Vietnam's second rice brand enters picky Japanese market

Japonica - AAN has become the second Vietnamese rice brand to have entered Japan, with a ceremony held on October 9 to debut the produce.
Enterprises need to be ready to respond to trade defense

Enterprises need to be ready to respond to trade defense

VCN - According to the Department of Trade Defense, through the process of protecting the rights of Vietnamese manufacturing and exporting enterprises in each trade defense case, the outcome of the appeal depends largely on the quality of coordination between the parties involved.
Foreign investors interested in green development, semiconductor industry in Vietnam

Foreign investors interested in green development, semiconductor industry in Vietnam

Green, clean development and semiconductor chip production are among the sectors in Vietnam that foreign investors are interested in, according to VinaCapital CEO and Founding Partner Don Lam.
Vietnam’s stainless steel exports under dual investigation

Vietnam’s stainless steel exports under dual investigation

The US Department of Commerce (DOC) has initiated an anti-dumping and countervailing duty investigation into corrosion-resistant steel (CORE) imported from Vietnam, alongside nine other countries and territories.
Read More

Your care

Latest Most read
Linkage - the "key" to sustainable development of agricultural value chains

Linkage - the "key" to sustainable development of agricultural value chains

Promoting sustainable and effective development of agricultural value chains is a core factor in restructuring Vietnam's agricultural sector and the key to optimize the value of Vietnam's agricultural exports.
Supporting industry enterprises: Learning standards, understanding opportunities

Supporting industry enterprises: Learning standards, understanding opportunities

VCN - Currently, many potential industries have "opened" opportunities for Vietnamese enterprises to enter, such as the semiconductor industry, supporting industries for the aviation sector. However, the higher the added value of the sector, the more it r
Vietnam’s distinctive agricultural exports to China exhibited in Hanoi

Vietnam’s distinctive agricultural exports to China exhibited in Hanoi

An exhibition showcasing Vietnam’s distinctive farm produce exported to China opened in Hanoi on October 13, featuring the participation of 16 local enterprises and introducing over 50 categories of high-quality products from across the three regions of the country.
100 most valuable Vietnamese brands on the limelight

100 most valuable Vietnamese brands on the limelight

This year’s Brand Finance Vietnam 100 Report was also released to provide a comprehensive picture of the valuations.
Need to quickly act to catch up with the "green" trend

Need to quickly act to catch up with the "green" trend

VCN - With the movement from the global level to Vietnam's main markets, as well as the strong commitment of the Vietnamese Government, the trend of "compulsory green/sustainable transformation" has become clear to Vietnamese businesses instead of volunta
Mobile Version