On 15th July, the OECD Council approved the latest update to the OECD Model Tax Convention. The update was initially approved by the Committee on Fiscal Affairs on 26th June and it will be incorporated in a revised version of the Model Tax Convention expected to be published in the upcoming months.
This recent update highlights the work conducted on the Model Tax Convention over the course of 2010 and 2013. The changes to the ‘exchange of information’ clause Article 26 and its commentary as approved by the OECD Council are also included. Moreover, the update includes the final version of a number of important drafts, including:
– The application of Article 17 (Artists and Sportsmen) of the OECD Model Tax Convention (23 April 2010);
– Revised proposals concerning the meaning of “beneficial owner” (19 October 2012);
– Revised discussion draft on tax treaty issues related to emissions permits and credits (19 October 2012);
– Tax treaty treatment of termination payments (25 June 2013);