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Canada Hails DTA Implementation As Tax Modernization

by Mike Godfrey, Tax-News.com, Washington

08 March 2013


Canadian Finance Minister Jim Flaherty has said that the introduction of legislation to implement a number of double tax agreements (DTAs) represents a significant step toward the "Government's goal of creating a fairer and more modern tax structure."

The Tax Conventions Implementation Act, 2013 will implement DTAs with Namibia, Serbia, Poland, Hong Kong, Luxembourg and Switzerland. The legislation is part of the Government's ongoing effort to update and modernize Canada's extensive network of income tax treaties. It has treaties in place with 90 different jurisdictions.

Flaherty believes that: "By keeping our tax system up-to-date and competitive, Canada will remain a leading player in the global economy." It is hoped that by modernizing the system, the Government will be able to encourage cross-border trade and investment, while maintaining its fight against international tax evasion.

TAGS: Finance | tax | investment | double tax agreement (DTA) | Luxembourg | Serbia | agreements | legislation | Canada | Hong Kong | Namibia | Poland | Switzerland | trade

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