Archive for category Global Tax Agreements

More Trade News in Brief Week 6 (8 – 14 February 2016)

EU, Andorra Sign AEOI Agreement

The European Union (EU) and Andorra have signed a deal to automatically exchange tax information.

See more here.

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FTA Talks – China & GCC

FTA talks between China and the GCC – comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates – originally began in 2004 but faltered in 2009. They resumed the talks this month and they are seeking to complete them by the end of 2016.

See more following the link.

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Canada, Taiwan Sign Double Tax Treaty

Canada and Taiwan have signed a double tax agreement (DTA) that will limit the withholding tax rates on income from dividends, interest, and royalties, and provide for the exchange of tax information.

Read more here.

 

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More Trade News in Brief Week 37 (7 – 13 September 2015)

New DTA Protocols

Switzerland has signed protocols to its double taxation agreements (DTAs) with Norway and Albania.

See more following the link.

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EFTA and Georgia Start FTA Talks

The member states of the European Free Trade Association (EFTA) and Georgia held a first round of negotiations towards a free trade agreement (FTA).

Check for more here.

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New Zealand Seeks Signature of Gulf FTA

New Zealand is looking for a free trade agreement with the Gulf States.

Check for more here.

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More Trade News in Brief Week 12 (16 – 22 March 2015)

* Switzerland, EU Ink New Savings Tax Pact

Switzerland and the European Union (EU) have initialled an agreement on the automatic exchange of tax information (AEOI). Account data will be collected from 2017, with the first exchange scheduled for 2018.

See more clicking here.

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* EU: Combatting Corporate Tax Avoidance

The European Commission presented a package of tax transparency measures as part of its ambitious agenda to tackle corporate tax avoidance and harmful tax competition in the EU. A key element of this Tax Transparency Package is a proposal to introduce the automatic exchange of information between Member States on their tax rulings

Read more here.

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* China and US Telecoms Giants Lead Global Patent Activity in 2014

According to the UN World Intellectual Property Organization (WIPO) annual review of international patent filings, a leading Chinese telecoms giant overtook a Japanese firm as the largest applicant last year, and China and the US together accounted for 87 per cent of the total growth in filings under WIPO’s Patent Cooperation Treaty (PCT).

Under that system, some 215,000 applications were filed in 2014, a 4.5 per cent increase over the previous year, WIPO said in a news release.

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* WTO: Assistance in Food Safety, Animal and Plant Health

Five agencies and their partners operating a programme to help developing countries meet international standards on food safety and animal and plant health have approved plans for 2015–2019 designed to further strengthen safe trade.

The decision will allow the Standards and Trade Development Facility (STDF) to continue to provide assistance to developing countries,

The STDF was set up in 2004 by the UN Food and Agriculture Organization (FAO), World Organization for Animal Health (OIE), World Bank, World Health Organization (WHO) and World Trade Organization (WTO), and is run by the five partners together with donor countries and representatives of developing countries.

Check here and here for more.

 

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More Trade News in Brief Week 44 (27 October – 2 November 2014)

* Understanding National Accounts from OECD
 
The second edition of OECD’s guide Understanding National Accounts provides a comprehensive explanation of how national accounts are compiled and what they mean.
 
Read more here.
 
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* The Global Community of Practice on Food Loss Reduction
 
The Global Community of Practice (CoP) on Food Loss Reduction is launched jointly by the three Rome-based United Nations agencies, the Food and Agriculture Organization (FAO), the International Fund for Agricultural Development (IFAD) and the World Food Programme.
 
The Global Community of Practice on Food Loss Reduction attempts to reduce food losses and waste, which account for one third of food produced for human consumption, by bringing together for the first time a range of resources and allows stakeholders to share experiences and best practices.
 
The Global Community of Practice on Food Loss Reduction aims to become a global reference point that facilitates the sharing of information and linkages between stakeholders including public entities, civil society and the private sector.
 
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* ICC Adopts New Set of Rules for Dispute Resolution in Trade Finance
 
The International Chamber of Commerce (ICC) Banking Commission unanimously adopted today revised rules for Documentary Credit Dispute Resolution by Expertise (DOCDEX).
 
Find more here.

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* WTO Report Says Restrictive Trade Measures Continue to Rise in G-20 Economies
 
Restrictive trade measures introduced by G-20 economies since 2008 continue to rise, according to the latest WTO report on recent trade developments issued on 6 November 2014.
 
> WTO Report on G-20 Trade Measures (mid-May 2014 to mid-October 2014)
 
> Summary and Status of G-20 trade and trade-related measures since October 2008 (Excel Format)
 
> OECD/UNCTAD Report on G-20 Investment Measures
 

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More Trade News in Brief Week 42 (13 – 19 October 2014)

 
* Eurostat Regional Yearbook 2014
 
Eurostat, the statistical office of the European Union, published The Regional Yearbook 2014.
 
Check here.
 
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* International Tourism Up by 5% in the First Half of 2014
 
International tourist arrivals grew by 4.6% in the first half of 2014 according to the latest UNWTO World Tourism Barometer. Destinations worldwide received some 517 million international tourists between January and June 2014, 22 million more than in the same period of 2013.
 
Read more about here.
 
 
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* South Africa & Hong Kong – DTA
 
Hong Kong and South Africa signed a comprehensive double taxation agreement (CDTA).
 
See more here.
 
 

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Corporate Income Tax Rates around the World

The key findings of the latest summary of worldwide corporate tax data published by The Tax Foundation are:
  • The United States has the third highest general top marginal corporate income tax rate in the world at 39.1 percent, exceeded only by Chad and the United Arab Emirates.
  • The worldwide average top corporate income tax rate is 22.6 percent (30.6 percent weighted by GDP).
  • By region, Europe has the lowest average corporate tax rate at 18.6 percent (26.3 percent weighted by GDP); Africa has the highest average tax rate at 29.1 percent.
  • Larger, more industrialized countries tend to have higher corporate income tax rates than developing countries.
  • The worldwide (simple) average top corporate tax rate has declined over the past decade from 29.5 percent to 22.6 percent.
  • Every region in the world has seen a decline in their average corporate tax rate in the past decade.
The Tax Foundation is a Washington, D.C.-based think tank founded in 1937 that collects data and publishes research studies on tax policies at the federal and state levels.
 
Read more about The Tax Foundation and Summary of Worldwide Corporate Tax Data 2014.
 
 

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More Trade News in Brief Week 19 (5 – 11 May 2014)

 
* ICC – Guide to International Franchising
 
The International Chamber of Commerce (ICC) has published a practical guide to help business people understand why, how and when to use franchising to expand into new foreign markets.
 
Check the Using Franchising to Take Your Business International: ICC Strategies and guidance for master franchising, area development and other arrangements”.
 
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* US & Singapore – FATCA Agreement
 
United States and Singapore have initialled the text of an intergovernmental agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA).
 
Check here for more.
 
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* EU & Japan – FTA by 2015
 
The European Union (EU) and Japan agreed to a one-year review that should lead to the “early conclusion of a highly comprehensive and ambitious” free trade agreement (FTA).
 
Read more here.
 
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* US & Israel – Reach FATCA Agreement
 
United States and Israel have concluded the text of an intergovernmental agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA).
 
See more following the link.
 
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* USTR Releases Annual Report on Intellectual Property Rights
 
The Office of the United States Trade Representative (USTR) has released its annual “Special 301” Report on the adequacy and effectiveness of U.S. trading partners’ protection and enforcement of intellectual property rights (IPR). 
 
Find the Press Release here.
 

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News from OECD

 
* OECD – Climate Deal for 2015
 
All the OECD’s member countries confirmed their desire to work towards a deal on combating climate change.
 
Full OECD Ministerial Statement on Climate Change here.
 
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* OECD – Single Global Tax Exchange Standard
 
The OECD’s 34 member countries endorsed the implementation of a new single global standard on automatic exchange of information.
 
Read the Declaration on Automatic Exchange of Information in Tax Matters.
 
 

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