New Tax Treaty signed

Switzerland, Singapore, revised DTA initialled
Posted: 27 Sep 2010 08:21 AM PDT
Switzerland and Singapore initialled the extensive revision of their existing double taxation agreement (DTA) on August 31. The revised DTA provides for extended administrative assistance in tax matters in line with the OECD standard.

Since the Swiss Federal Council’s March 2009 decision to adopt the internationally agreed standard on tax information exchanges, Switzerland has concluded corresponding negotiations with more than two dozen states. During these negotiations, Switzerland has agreed various items beneficial to the Swiss economy including reductions in withholding taxes on dividends, interest and royalty payments and the introduction of an arbitration clause.

Switzerland has so far negotiated agreements including an extended administrative assistance clause with Austria, Denmark, Finland, France, Japan, Luxembourg, Mexico, the Netherlands, Norway, Poland, Qatar, the United Kingdom and the United States.

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Panama and Qatar sign double tax treaty
Posted: 27 Sep 2010 08:19 AM PDT
Panama and Qatar signed a new double tax treaty in New York on September 23.

The treaty is the fourth that Panama has signed, in addition to treaties with Mexico, Barbados, and Portugal, as part of an attempt to escape the OECD’s grey list of uncooperative countries.

According to Frank de Lima, Panama’s Minister in charge of Economy and Finance, “This is a sign that the strategy used by the national government to address the issue of grey-listing has been successful”. He added that he hoped Panama would escape the grey list in the foreseeable future.

In addition to the treaties already signed, Panama is currently negotiating with the Netherlands, France, Spain, Singapore, Ireland, the Czech Republic, and Korea.

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