Liberia has signed the multilateral Convention on Mutual Administrative Assistance in Tax Matters, making it the 122nd jurisdiction to join the world’s leading instrument for boosting transparency and combating cross-border tax evasion.
The Convention is the most comprehensive multilateral instrument available for all forms of tax co-operation to tackle tax evasion and avoidance, which is a top priority for most tax jurisdictions.
Finance and Development Planning Minister Samuel Tweah signed the instrument on behalf of the Liberian Government on Monday in Paris, France, while the Deputy Secretary General of the Organization for Economic Co-operation and Development (OECD), Masamichi Kono, signed for the organization.
A release from the Liberia Revenue Authority said the signing shows Liberia’s commitment to combating tax evasion, tax crime, aggressive tax planning initiatives by multinational enterprises, as well as other base erosion schemes.
The release said the Convention is the key instrument for swift implementation of the Standard for Automatic Exchange of Financial Account Information in Tax Matters.