Canada – New withholding rules and information collecting rules under the FATCA

09 September, 2013

Under the U.S. Foreign Account Tax Compliance Act (FATCA), Canadian banks and certain other non-U.S. entities must allow with new rules of withholding and information collecting requirements that take effect on June 30, 2014. In respect of FATCA

See More

Income and capital tax treaty between Saudi Arabia and Luxembourg

08 September, 2013

The income and capital tax treaty between Saudi Arabia and Luxembourg was signed on 7 May 2013. The text of the treaty has become available now. The treaty will now undergo with some ratification procedures. The new treaty is expecting to become

See More

China signs agreement for mutual assistance in tax matters

01 September, 2013

China signed the Multilateral Convention on Mutual Administrative Assistance on 27 August 2013 in Tax Matters. The Convention provides a framework for cooperation between tax authorities to exchange tax information. The OECD and the G20 are

See More

Czech Republic – Postponement of provision to implement FATCA

01 September, 2013

A package of proposals has been submitted by the Finance Ministry for making consideration by the Parliament but legislative consideration of several of the provisions has been postponed. One of the items included in the proposals, which would put

See More

Vietnam and New Zealand sign double tax agreement

27 August, 2013

New Zealand signed a new double tax agreement (DTA) with Vietnam on August 5, 2013. When will become effective, dividends will be subject to a maximum withholding tax of 5% where the beneficial owner is a company directly holding at least 50% of the

See More

Ukraine and Malta to sign double tax convention

27 August, 2013

The governments of Ukraine and Malta are intending sign a convention on the avoidance of double taxation and the prevention of tax evasion. It approved by Ukraine’s Cabinet of Ministers on July 24, 2013. Under the draft convention, the withholding

See More

Malta and Turkey DTA entered into force

27 August, 2013

The Income Tax Treaty (2011) between Malta and Turkey for the avoidance of double taxation entered into force on 13 June 2013.  The treaty generally applies from 1 January 2014. OECD Model Tax Treaty is broadly followed in this

See More

Protocol to DTA between India and Morocco signed

27 August, 2013

India and Morocco have signed a protocol to their Double Taxation Avoidance Convention.  This protocol will bring the information exchange provisions under the treaty into line with international standards. There is an increasing international

See More

Singapore and Barbados sign a new DTA

01 August, 2013

Singapore and Barbados signed their first income tax treaty On 15 July 2013.The provisions of the treaty generally follow the provisions of the OECD Model Tax Convention but a permanent establishment is created if services are provided in the other

See More

Russia planning to implement rules to follow FATCA

01 August, 2013

One of the main issues facing Russian financial institutions is the fact that recent legal obstacles do not allow them to follow the US Foreign Account Tax Compliance Act (FATCA) in Russia by entering into direct contracts with the Internal Revenue

See More

Protocol to DTA between Austria and Canada signed

01 August, 2013

A second protocol to the Austria –Canada Income Tax Treaty which was signed on 1 March 2012 will enter into force on 1 October 2013. The protocol contains provisions for the exchange of tax information and will have effect in accordance with the

See More

United States and Swiss agree on FATCA signification

01 August, 2013

The United States and Swiss governments have signed a memorandum of understanding on interpretations of their agreement on implementing the Foreign Account Tax Compliance Act, or FATCA on 7 June 2013 in Washington. The memorandum summarizes the

See More

Malaysia signs new DTA with Poland

01 August, 2013

Malaysia has signed a new income tax treaty with Poland on 8 July 2013; the new treaty will replace the current 1977 Malaysia-Poland Treaty. The new treaty will enter into force in the tax year just following the calendar year in which the approval

See More

Kuwait and Hong Kong: DTA entered into force

01 August, 2013

The Hong Kong Special Administrative Region and Kuwait signed an Income Tax Treaty in May 2010. In a press release it has been announced that the treaty came into force on July 24 after completion of ratification procedures on both sides. The

See More

DTA between Australia and Mauritius entered into force

01 August, 2013

The Double Tax Agreement (DTA) between Australia and Mauritius entered into force on 31 May 2013. The treaty will be relevant to persons who are residents of one or both of the Contracting States. For the purposes of the Agreement a person is not a

See More

EU: FTA with Peru and Colombia

01 August, 2013

A free trade agreement (FTA) between the EU, Peru and Colombia signed on 26 June 2013.The agreement will enter into force after ratification procedures are completed. The agreement introduces technical and procedural obstacles to trade. The

See More

EU: FTA between Colombia and EU entered into force

01 August, 2013

The European Commission announced on 26 July 2013 that the Free Trade Agreement (FTA) between the European Union and Colombia will enter into force on 1 August 2013. This agreement was signed on 26 June

See More

Australia and Chile: DTA will be applicable after 1 January 2014 in Chile

01 August, 2013

The Convention between the Republic of Chile and Australia for the Avoidance of Double Taxation was published in Chile’s Official Gazette on 23 July 2013. The treaty was signed on 10 March 2010 and entered into force on 8 February 2013. The

See More