Nigeria: Accession to Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting was signed

On 17 August 2017, Nigeria's Federal Internal Revenue Service (FIRS) signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) and the Common Reporting Standard Multilateral Competent Authority Agreement (CRS MCAA). The MLI enables jurisdictions to transpose outcomes from the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project into existing bilateral tax treaties. The CRS MCAA facilitates the automatic exchange of financial account information under the Common Reporting Standard (CRS) between 101 jurisdictions to combat tax evasion, with implementation targeted by 2018. Nigeria became the 71st jurisdiction to sign the MLI and the 94th to join the CRS MCAA.