Elimination of Double Taxation definition

Elimination of Double Taxation. The primary objective of Double Taxation Avoidance Agreements (DTAA) is to eliminate or reduce the burden of double taxation on individuals and businesses. By defining the taxing rights of each country and providing relief mechanisms, DTAA ensures that income is not subject to taxation twice.  Promotion of International Trade and Investment: DTAA aims to promote cross-border trade and investment by providing a predictable and stable tax environment. By clarifying the taxation rules and providing incentives to investors, it encourages economic cooperation between countries.  Prevention of Tax Evasion and Avoidance: Another objective of DTAA is to prevent tax evasion and avoidance. It includes provisions for the exchange of information and cooperation between tax authorities, making it difficult for individuals and businesses to hide income or engage in aggressive tax planning strategies.  Facilitation of Exchange and Movement of Goods, Services, and Capital: DTAA plays a vital role in facilitating the exchange and movement of goods, services, and capital between countries. It provides clarity on tax implications for cross-border transactions, ensuring that businesses can operate smoothly and efficiently in foreign markets.  Ensuring Fairness and Equity: DTAA aims to ensure fairness and equity in the international tax system. It establishes rules for the allocation of taxing rights, preventing situations where income is subjected to excessive or unfair taxation.
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Examples of Elimination of Double Taxation in a sentence

  • A Separate Attachment is filled out individually for each country with which the Czech Republic has signed Agreement on the Elimination of Double Taxation, in which, in the taxable period for the period in which the tax return is being filed, was the source of taxed income for which, according to the above mentioned Agreement, the method of simple credit is being claimed (Section 38f, subsection 8 of the Act).

  • Notwithstanding the previous paragraphs of this Article, the competent authorities of the Parties may mutually agree to amend the procedures to be used under this Article taking into account the developments with respect to the EU Convention on the Elimination of Double Taxation in connection with the Adjustment of Profits of Associated Enterprises and the developments relating to the mutual agreement procedure discussion within the OECD.

  • Article XXIV (Elimination of Double Taxation) of the Canada-U.S. Income Tax Treaty.

  • It is understood that both the Contracting States shall review the provisions of Article 24 (Methods for Elimination of Double Taxation) in order to consider the extension of benefits in paragraphs 3 and 5 of that Article after the period of 10 years from the date on which this Agreement enters into force.

  • METHODS FOR PREVENTION OF DOUBLE TAXATION Article 23 Elimination of Double Taxation 1.

  • METHODS FOR ELIMINATION OF DOUBLE TAXATION Article 23 Elimination of Double Taxation 1.

  • METHODS FOR ELIMINATION OF DOUBLE TAXATION Article 22 Elimination of Double Taxation 1.

  • The Elimination of Double Taxation – 2nd Report by the Fiscal Committee, C(59)147, published by the OEEC in July 1959, m.no.

  • The Government of the United Kingdom of Great Britain and Northern Ireland and the States of Guernsey have agreed upon the following provisions which shall form an integral part of the Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the States of Guernsey for the Elimination of Double Taxation with respect to Taxes on Income and on Capital Gains and the Prevention of Tax Evasion and Avoidance (“the Agreement”).

  • As a result there is no setback, time-clock or other automatic scheduling control.

Related to Elimination of Double Taxation

  • Applicable Tax Law means any Applicable Law relating to Taxes, including regulations and other official pronouncements of any Governmental Entity or political subdivision of such jurisdiction charged with interpreting such Applicable Law.

  • Applicable Tax means any tax applicable in the jurisdiction of the Work;

  • Applicable Taxes means the Goods and Services Tax (GST), the Harmonized Sales Tax (HST), and any provincial tax, by law, payable by Canada such as, the Quebec Sales Tax (QST) as of April 1, 2013.

  • Applicable Tax Rate means the estimated highest aggregate marginal statutory U.S. federal, state and local income, franchise and branch profits tax rates (determined taking into account the deductibility of state and local income taxes for federal income tax purposes and the creditability or deductibility of foreign income taxes for federal income tax purposes) (“Tax Rate”) applicable to any Partner on income of the same character and source as the income allocated to such Partner pursuant to Sections 5.04(a) and (b) for such fiscal year, fiscal quarter or other period, as determined by the Tax Matters Partner in its discretion; provided that, in the case of a Partner that is a partnership, grantor trust or other pass-through entity under U.S. federal income tax law, the Tax Rate applicable to such Partner for purposes of determining the Applicable Tax Rate shall be the weighted average of the Tax Rates of such Partner’s members, grantor-owners or other beneficial owners (weighted in proportion to their relative economic interests in such Partner), as determined by the Tax Matters Partner in its discretion; provided, further, that if any such member, grantor-owner or other beneficial owner of such Partner is itself a partnership, grantor trust or other pass-through entity similar principles shall be applied by the Tax Matters Partner in its discretion to determine the Tax Rate of such member, grantor-owner or other beneficial owner.

  • Applicable Tax State means, as of any date, (i) any State in which the Owner Trustee maintains the Corporate Trust Office, (ii) any State in which the Owner Trustee maintains its principal executive offices and (iii) any State in which the Servicer regularly conducts servicing and collection activities (other than purely ministerial activities) with respect to a material portion of the Receivables.

  • Indemnifiable Tax means any Tax other than a Tax that would not be imposed in respect of a payment under this Agreement but for a present or former connection between the jurisdiction of the government or taxation authority imposing such Tax and the recipient of such payment or a person related to such recipient (including, without limitation, a connection arising from such recipient or related person being or having been a citizen or resident of such jurisdiction, or being or having been organised, present or engaged in a trade or business in such jurisdiction, or having or having had a permanent establishment or fixed place of business in such jurisdiction, but excluding a connection arising solely from such recipient or related person having executed, delivered, performed its obligations or received a payment under, or enforced, this Agreement or a Credit Support Document).

  • FATCA Withholding Tax means any U.S. federal withholding tax imposed or collected pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code.

  • Pre-Tax Earnings means the Corporation's earnings before income taxes as reported in the Company's Consolidated Income Statement for each fiscal year of the Performance Period, excluding any non-cash charge incurred in accordance with accounting principles generally accepted in the United States of America (GAAP) for any restricted stock or restricted stock unit awards granted during the Performance Period and all options, restricted stock and other equity compensation granted to Directors during the Performance Period.

  • Available Tax Increment means the Gross Tax Increment received by the City from Hennepin County during the period preceding each semi-annual Payment Date, less (i) the amount of tax increment, if any, which the City must pay to the school district, the county and the state pursuant to Minnesota Statutes, Sections 469.177, Subds. 9 and 11; 469.176, Subd. 4h; and 469.175, Subd. 1a, as the same may be amended from time to time, (ii) actual administrative costs of the City in an amount not to exceed 10% of Gross Tax Increment.

  • Swiss Withholding Tax Act means the Swiss Federal Act on Withholding Tax of 13 October 1965 (Bundesgesetz über die Verrechnungssteuer), together with the related ordinances, regulations and guidelines, all as amended and applicable from time to time.

  • Pre-Tax Income means income, as determined by GAAP, prior to deduction of the Bonus Pool (as hereinafter defined) and income taxes, and if applicable, after the deduction of any bonus pool of a future officer bonus plan adopted by the Company relating to an applicable Award Year and adjustments approved by the Board as described herein.

  • Use tax means a nonrecurring tax, other than a sales tax, which (a) is imposed on or with respect to the exercise or enjoyment of any right or power over tangible personal property incident to the ownership, possession or custody of that property or the leasing of that property from another including any consumption, keeping, retention, or other use of tangible personal property and (b) is complementary to a sales tax.

  • Withholding Tax means any tax, deduction, levy or similar payment obligation that is required to be deducted or withheld from a payment under Applicable Law.

  • Straddle Tax Period means a Tax period that begins on or before the Closing Date and ends thereafter.

  • All applicable taxes and duties means all taxes and duties, in effect on the contract date, that the taxing authority is imposing and collecting on the transactions or property covered by this contract, pursuant to written ruling or regulation in effect on the contract date.

  • New jobs credit from withholding means the credit as provided in Iowa Code section 260E.5.

  • Swiss Withholding Tax means any withholding tax in accordance with the Swiss Federal Statute on Anticipatory Tax of 13 October 1965 (Bundesgesetz uber die Verrechnungssteuer) and any successor provision, as appropriate.

  • Eligible taxpayer means a taxpayer that meets both of the following conditions:

  • Unpaid withholding tax means withholding tax due but not paid by the date the withholding tax is required to be paid under applicable law.

  • Tax means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).

  • FATCA Withholding means any withholding or deduction required pursuant to an agreement described in section 1471(b) of the Code, or otherwise imposed pursuant to sections 1471 through 1474 of the Code, any regulations or agreements thereunder, any official interpretations thereof, or any law implementing an intergovernmental approach thereto.

  • Taxation means any kind of tax, duty, levy or other charge whether or not similar to any in force at the date of the Franchise Agreement and whether imposed by a local, governmental or other competent authority in the United Kingdom or elsewhere;

  • Excise Tax means any excise tax imposed under section 4999 of the Code.

  • Combined Tax Return means a Tax Return filed in respect of U.S. federal, state, local or non-U.S. income Taxes for a Combined Group, or any other affiliated, consolidated, combined, unitary, fiscal unity or other group basis (including as permitted by Section 1501 of the Code) Tax Return of a Combined Group.

  • Change in Tax Law means the enactment, promulgation, execution or ratification of, or any change in or amendment to, any law (or in the application or official interpretation of any law) that occurs on or after the date on which the relevant Transaction is entered into.

  • Income-withholding order means an order or other legal