Tax Treaty

(redirected from Bilateral Tax Agreements)

Tax Treaty

A treaty between two countries governing double taxation and other matters when a company or individual owes taxes to both countries. Tax treaties are written because double taxation with no exceptions could result in a decrease in trade between the two countries. Most countries (except tax havens) have entered into tax treaties with their trading partners and others. A tax treaty is also called a bilateral tax agreement.
References in periodicals archive ?
Weve ratified bilateral tax agreements with four trading partners: Spain, Switzerland, Japan, and Luxembourg.
"We acknowledged the progress of work of the Asean Forum on Taxation (AFT), particularly in the continuous efforts to complete a network of bilateral tax agreements, to improve exchange of information for tax purposes, and to enhance members cooperation on capacity-building on taxation matters.
Chancellor Werner Faymann and domestic rivals have said three conditions must be met however, including respecting Austria's bilateral tax agreements with Switzerland and Liechtenstein, and a requirement that authorities identify the financial owners of shell corporations and trusts.
The European Commission no longer opposes the entry into force of the bilateral tax agreements - the so-called Rubik agreements - that Germany and the UK signed, in 2011, with Switzerland: indeed, Berlin, London and Berne have now modified the agreements.
Three double tax treaty models provide a reference point for these bilateral tax agreements between any two countries: the OECD model, the UN model, and the U.S.
DTAAs are bilateral tax agreements between countries that provide for certainty on how and when an income will be taxed and by which country.
In July, the British Virgin Islands and the Cayman Islands joined the OECD "white list" of countries using recognized tax standards after signing at least 12 bilateral tax agreements.
Swiss Finance Minister Eveline Widmer-Schlumpf made the most of her attendance, on 8 November, at her annual meeting with the EU's finance ministers and with representatives the European Free Trade Association (EFTA), to talk with several of her counterparts about the bilateral tax agreements Berne recently signed with Berlin and London - before Greece, in all likelihood.
This role could increase thanks to the Rubik project', the code name given to the bilateral tax agreements Berne has concluded with Germany and the United Kingdom.
The conclusion of bilateral tax agreements between Switzerland on the one hand, and Germany and the United Kingdom on the other, is creating real havoc in the European Union.
The bilateral tax agreements concluded by Switzerland in August with Germany and the United Kingdom are likely to become a bone of contention in the Union.

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