On 14 June 2017, the Federal Executive Council (FEC) approved a memo submitted by the Minister of Finance seeking Nigeria's inclusion as a signatory to the OECD's Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting ("Multilateral Instrument" or "MLI").
FEC's approval implies that Nigeria is now closer to joining 68 other countries that are signatories to the MLI. The MLI aims to automatically amend existing bilateral treaties to include measures that tackle base erosion and profit shifting (BEPS) through tax treaties.
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