India has signed the multilateral convention to implement tax treaty related measures to prevent Base Erosion and Profit Shifting (BEPS).
This convention was signed by Arun Jaitley, Union Finance Minister, at Paris yesterday.
More than 65 countries, including India, signed the convention.
This convention will modify India's treaties in order to curb revenue loss through treaty abuse and BEPS strategies by ensuring that profits are taxed where substantive economic activities generating the profits are carried out and where value is created, an official release from the Central Board of Direct Taxes (CBDT) said.