(Ecofin Agency) - Judi Wakhungu (pictured), the Kenyan Ambassador to France, signed a multilateral convention to end tax evasion by multinational companies. The document was signed during the 10th Anniversary Meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes organized in Paris.
According to the Ambassador, the signing of the convention demonstrates the national commitment of putting in place measures to prevent Base Erosion and Profit Shifting (BEPS). It is part of the country’s efforts towards strengthening its bilateral tax treaties.
Agreeing with Judi Wakhungu, Githii Mburu, the Commissioner-General of the national revenue authority said “the signing of the convention would put a stop to treaty shopping tendencies which have been a major concern for many countries as it promotes double non-taxation.”
With the signing of the international tax treaty, Kenya becomes the 91st jurisdiction to join the convention which includes over 1,600 bilateral tax treaties. The convention aims to end tax evasion strategies used by multinationals that profit from the weaknesses of tax rules to avoid paying tax.