On 7 September 2023, the OECD published the updated position of signatories’ countries regarding the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Accordingly, Papua New Guinea on 31 August 2023 deposited its ratification instrument.
The BEPS Convention now covers around 1 870 bilateral tax treaties and will enter into force on 1 December 2023 for Papua New Guinea. As of 1 September 2023, around 1 200 treaties concluded among the 83 jurisdictions that have ratified, accepted or approved the BEPS Convention have already been modified by the BEPS Convention. It will enter into force for Papua New Guinea on 1 December 2023 and will be in effect for exchanges as of 1 January 2024.