The UK is among 68 countries and jurisdictions that have signed a multilateral convention to implement a series of measures to update the network of bilateral tax treaties and reduce opportunities for tax avoidance by multinational enterprises. A further eight countries have formally expressed their intention to sign the pact.

It allows jurisdictions to transpose results from the Organisation for Economic Co-operation and Development and G20 base erosion and profit shifting project (BEPS) into their existing networks of bilateral tax treaties.

The new convention, which is the first multilateral treaty of its kind, will also strengthen provisions to resolve …