Canada – New withholding rules and information collecting rules under the FATCA
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 MoreIncome and capital tax treaty between Saudi Arabia and Luxembourg
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 MoreChina signs agreement for mutual assistance in tax matters
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 MoreCzech Republic – Postponement of provision to implement FATCA
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 MoreVietnam and New Zealand sign double tax agreement
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 MoreUkraine and Malta to sign double tax convention
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 MoreMalta and Turkey DTA entered into force
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 MoreProtocol to DTA between India and Morocco signed
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 MoreSingapore and Barbados sign a new DTA
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 MoreRussia planning to implement rules to follow FATCA
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 MoreProtocol to DTA between Austria and Canada signed
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 MoreUnited States and Swiss agree on FATCA signification
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 MoreMalaysia signs new DTA with Poland
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 MoreKuwait and Hong Kong: DTA entered into force
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 MoreDTA between Australia and Mauritius entered into force
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 MoreEU: FTA with Peru and Colombia
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 MoreEU: FTA between Colombia and EU entered into force
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 MoreAustralia and Chile: DTA will be applicable after 1 January 2014 in Chile
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
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