The OECD released on 23 March submissions (here) made in response to the public discussion draft concerning examples for inclusion in guidance relating to tax treaty entitlement of non-CIV funds. Representations were received from many asset management industry representative bodies including AIMA. The examples will inform the interpretation of the principal purpose test (PPT) and in some instances determine double tax treaty access for alternative fund vehicles. The outcome of the BEPS Action 6 process is that a degree of flexibility has been left for countries to negotiate bilaterally treaty entitlement conditions for non-CIV funds, but, while it is possible that more countries will consider tax treaty access in principle, it seems likely that non-CIV funds will face increased scrutiny in seeking tax treaty benefits. The next update of the OECD Model Tax Convention on Income and on Capital (OECD MTC) and its commentaries is tentatively scheduled for mid-2017 and so will run in parallel with the official signing of the multilateral treaty instrument in June. Any members who wish AIMA’s BEPS Working Group to consider an approach to particular tax authorities concerning the conditions applicable to tax treaty access for non-CIV funds should please contact Paul Hale or Enrique Clemente.