BUDAPEST: Hungary on Wednesday signed a multilateral OECD tax convention aimed at preventing base erosion and profit shifting, the economy ministry said.
The convention will ensure that rules designed to prevent cross-border tax evasion will be incorporated into bilateral tax treaties within a short amount of time, the ministry said. It will also enable hundreds of tax treaties to be updated with OECD Base Erosion and Profit Shifting (BEPS) measures without the need for drawn-out bilateral negotiations, the ministry added. The convention was signed by more than 65 countries. The agreement was signed by economy ministry deputy state secretary László Balogh at the OECD Ministerial Council Meeting in Paris.