Greece joined 76 other countries and territories in signing on Wednesday the “Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting” (BEPS), on the sidelines of the Organisation for Economic Co-operation and Development’s annual Ministerial Council Meeting and Forum in Paris.

The convention was signed by Deputy Finance Minister Katerina Papanatsiou.

The convention modifies the application of thousands of bilateral tax treaties concluded to eliminate double taxation. It also contributes in reducing tax avoidance by multinational companies and avoiding double taxation, while creating a more stable and well-functioning global tax system.

It also implements agreed minimum standards to counter treaty abuse and to improve dispute resolution mechanisms while providing flexibility to accommodate specific tax treaty policies.

The finance ministry said in a press release the signing of the convention by Greece shows the government’s will to limit tax avoidance by modernizing taxation and participating actively in the international effort in this direction.

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