The multilateral convention (MLI - Multilateral Instrument) is an agreement enabling a country joining it to make simultaneous amendments to all or to selected existing agreements on the avoidance of double taxation. The MLI is a part of the BEPS action plan aimed to prevent base erosion and profit shifting.
This agreement is step 15 of the BEPS action plan. By signing and ratifying the MLI Ukraine also makes steps 6 and 14 of the BEPS action plan which are part of the minimum standard BEPS plan and are mandatory for Ukraine.
Presently, the President is expected to entitle the Minister of Finance to sign the MLI Agreement. Afterwards, the Agreement shall be ratified by the Parliament.
Ukraine is obliged to ratify the MLI Agreement, otherwise it can be included in the EU list of offshore jurisdictions.